FORMER KPMG International chairman Sir Mike Rake is to preside over a “root and branch” audit of Barclays’ business practices in the wake of the inter-bank lending rate-fixing scandal.
The review of the bank’s “flawed” practices comes as it announced the resignation of its chairman, Marcus Agius.
Last week, Barclays was fined £290m for attempting to manipulate the Libor inter-bank lending rate – actions which the departing Aegis said had “dealt a devastating blow to Barclays’ reputation”.
Barclays’ board has launched an audit of its business practices that will led by an independent third party reporting to Rake and a panel of non-executive directors.
The audit will include a review of past practices that have been revealed as flawed since the credit crisis started, and it will publish a public report of its findings and will produce a new, mandatory code of conduct.
Sir Mike, who joined Barclays as a non-exec in 2008 before serving as its senior independent director, has been appointed at deputy chairman and is a likely successor to Agius.
He is also chairman of BT.
Steve Butler of Punter Southall Aspire highlights the importance of pension governance meetings to protect against mistakes and safeguard company reputation
Nasar Zamir of Congruent discusses the RBS complaints process for GRG losses and how specialist guidance can best support a claim
ICAS issues response to Theresa May's 12 objectives for Brexit negotiations
Partner at Pinsent Masons says Serious Fraud Office has secured 'one of the top ten enforcement actions of all time'