Barclays announced that in deciding whether to recommend CEO Jes Staley for re-election, the board has had regard to media reports in the past six months that have highlighted historical links between Staley and Jeffrey Epstein. As has been widely reported, earlier in his career Staley developed a professional relationship with Epstein, Barclays said in a statement. “In the summer of 2019, in light of the renewed media interest in the relationship, Mr. Staley volunteered and gave to certain executives, and the Chairman, an explanation of his relationship with Mr. Epstein. Mr. Staley also confirmed to the Board that he has had no contact whatsoever with Mr. Epstein at any time since taking up his role as Barclays Group CEO in December 2015,” Barclays added. The relationship between Staley and Epstein was the subject of an inquiry from the Financial Conduct Authority, it noted, to which the company responded. The FCA and the Prudential Regulation Authority subsequently commenced an investigation, which is ongoing, into Staley’s characterization to the company of his relationship with Epstein and the subsequent description of that relationship in the company’s response to the FCA. “Based on a review, conducted with the support of external counsel, of the information available to us and representations made by Mr. Staley, the Board believes that Mr. Staley has been sufficiently transparent with the Company as regards the nature and extent of his relationship with Mr. Epstein. Accordingly, Mr. Staley retains the full confidence of the Board, and is being unanimously recommended for re-election at the Annual General Meeting,” Barclays said. The board will continue to cooperate fully with the regulatory investigation, and will provide a further update as and when it is appropriate to do so, it added. Shares of Barclays are down 2% to $9.04 in premarket trading.
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