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BRIEF-UK regulators investigate Jes Staley, Barclays over whistleblowing
April 10, 2017 / 6:14 AM / in 4 months

BRIEF-UK regulators investigate Jes Staley, Barclays over whistleblowing

4 Min Read

April 10 (Reuters) - Barclays Plc

* Fca and pra investigations into jes staley and barclays

* Barclays plc and barclays bank plc (barclays) announce that financial conduct authority (fca) and prudential regulation authority (pra) have commenced investigations into: . Jes staley, group chief executive officer of barclays, as to his individual conduct and senior manager responsibilities relating to barclays whistleblowing programme

* And an attempt by mr staley in 2016 to identify author of a letter that was treated by barclays bank plc as a whistleblow

* Barclays bank plc, as to its responsibilities relating to attempt by mr staley to identify author of letter

* As well as barclays systems and controls and culture relating to whistleblowing.

* Attempt by mr staley to identify author of letter ( "matter") first came to attention of barclays board in early 2017 as a result of a concern raised by an employee

* Board immediately instructed an external law firm, simmons & simmons llp, to conduct a focussed investigation into matter which was led by sir gerry grimstone, deputy chairman and senior independent director, on behalf of board

* Investigation by simmons & simmons llp found, and board has concluded, that mr staley honestly, but mistakenly, believed that it was permissible to identify author of letter.

* Board has concluded that mr staley made an error in becoming involved with, and not applying appropriate governance around, matter, and in taking action to attempt to identify author of letter

* Author of letter was not identified and no further action was taken. Mr staley has apologised to board for his error.

* Board believes that its response to matter should be proportionate to its serious nature. It will therefore be issuing a formal written reprimand to mr staley and has decided that a very significant compensation adjustment will be made to mr staley's variable compensation award

* Board will give consideration to findings of fca and pra investigations and precise amount of compensation adjustment will be determined by board once those investigations have concluded

* Barclays and mr staley will cooperate fully with fca and pra investigations

* Board is also commissioning independent reviews of barclays relevant processes and controls, including its whistleblowing programme

* Board continues to review position of other employees involved in this matter.

* John mcfarlane, chairman, said: "i am personally very disappointed and apologetic that this situation has occurred

* Taking into account both circumstances of this matter and his otherwise exemplary record since joining barclays, including contributing significantly to improvements in barclays culture and controls, jes continues to have board's unanimous confidence

* It will support his re-appointment at barclays annual general meeting on 10 may 2017.

* Jes staley, group chief executive officer said: "i have apologised to barclays board, and accepted its conclusion that my personal actions in this matter were errors on my part. Source text for Eikon: Further company coverage:

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