LONDON, April 27 Shareholder advisory firm Glass
Lewis on Thursday recommended investors vote against the
reelection of Ian Cheshire to the board of Barclays,
saying he has too many commitments to fulfill all his duties.
Cheshire is chairman-designate of Barclays's UK retail bank,
which will be separated from the investment bank in 2019 under
rules designed to protect savers' deposits.
He also sits on the board of four other companies, including
Debenhams Plc and Whitbread Plc, meaning he may
not have sufficient time to discharge his responsibilities
effectively, Glass Lewis said.
Barclays shareholders will have the opportunity to vote on
Cheshire and the bank's other board members at the bank's annual
general meeting in London on May 10.
Barclays declined to comment.
The issue of so-called 'over-boarding' whereby board members
of British companies spread themselves too thinly has gained
increased attention in recent years.
HSBC last week said Paul Walsh, the former chief
executive of drinks maker Diageo, is to step down from
its board with immediate effect in order to focus on his other
ISS, another shareholder proxy firm, meanwhile advised
shareholders abstain from voting to reelect Barclays Chief
Executive Jes Staley.
Staley faces regulatory probes in the U.S. and Britain and
criticism from investors following his attempts to unmask a
whistleblower at the bank.
(Reporting By Simon Jessop and Lawrence White, Editing by