Difference between revisions of "Barclays"

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[[File:Barclays.jpg|right|thumb|300px|Barclays HQ, 2 Churchill Place, [[Canary Wharf]] - next to [[HSBC]] and [[KPMG]]]]
 
[[File:Barclays.jpg|right|thumb|300px|Barclays HQ, 2 Churchill Place, [[Canary Wharf]] - next to [[HSBC]] and [[KPMG]]]]
 
[[Barclays]] plc is a major global financial services company. In 2008 it was ranked as the 25th largest company in the world according to ''Forbes'' Global 2000. On [[Fortune Global 500]], it ranked 103 in 2006, 83 in 2007, 70 in 2008, and 83 in 2009.<ref>CNN, [http://money.cnn.com/magazines/fortune/global500/2009/snapshots/7547.html Fortune Global 500], accessed 12 April 2010.</ref>
 
[[Barclays]] plc is a major global financial services company. In 2008 it was ranked as the 25th largest company in the world according to ''Forbes'' Global 2000. On [[Fortune Global 500]], it ranked 103 in 2006, 83 in 2007, 70 in 2008, and 83 in 2009.<ref>CNN, [http://money.cnn.com/magazines/fortune/global500/2009/snapshots/7547.html Fortune Global 500], accessed 12 April 2010.</ref>
 
  
 
==Structure==
 
==Structure==
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==Controversies and conflicts of interest==
 
==Controversies and conflicts of interest==
 +
===Main backer of Third Energy===
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{{‪Template:Fracking badge‬}}
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<youtube size="medium" align="right" caption=“Anti-fracking protests outside Barclay's Bank, London”>GFH7p2XEJdU</youtube>
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Barclays' involvement in the UK fracking industry has sparked increasing public anger and protest in recent years. Direct action by affected communities and environmental campaigners has even at times forced its local branches to shut down during protests and sit-ins.
 +
 +
The bank owns 97 per cent percent of the gas exploration and fracking firm [[Third Energy UK Gas Ltd]], <ref> Emily Gosden, [http://www.telegraph.co.uk/finance/newsbysector/energy/10486422/Barclays-invests-in-shale-gas-revolution.html Barclays invests in shale gas revolution], ''The Telegraph'', 30 November 2013, accessed 20 October 2016 </ref>, which plans to frack in Yorkshire. Its ownership was formerly managed through [[Barclays Natural Resources Investments]] (BNRI), a private equity arm of the bank specialising in energy and commodity investments, until a management buyout in October 2015 saw the company's portfolio transferred to a new standalone company named [[Global Natural Resource Investments]] (GNRI), operating under the same staff. <ref> Joseph Cotterill, [https://www.ft.com/content/6313e15e-7d5d-11e5-98fb-5a6d4728f74e Barclays spins out resources buyout arm], ''Financial Times'', 28 October 2015, accessed 20 October 2016.</ref> The move meant that Barclays discontinued the right to run BNRI as its own business and would stop further investments, but GNRI would continue to manage its standing 17 investments on behalf the bank, including ownership of Third Energy UK. <ref>[http://www.privateequitywire.co.uk/2015/10/28/233167/mbo-barclays-natural-resource-investments-creates-new-pe-firm-gnri- MBO at Barclays Natural Resource Investments creates new PE firm GNRI], ''Private Equity Wire'', 28 October 2015, accessed 20 October 2016.</ref>
 +
Barclays had originally sought to sell the entire portfolio of BNRI along with its management team, but failed to secure an appropriate buyer. GNRI has an estimated $1.7 billion in standalone funds, including investments from Barclays and the [[Qatar Investment Authority]], and has plans to raise a further $1-$1.5 billion in 2016-2017. <ref> Martin Arnold and Madison Marriage, [https://www.ft.com/content/06e3043a-198c-11e5-8201-cbdb03d71480 Management to buy Barclays private equity arm after stalled sale], ''Financial Times'', June 25 2015, accessed 20 October 2016.</ref>
 +
 +
In May 2016, Third Energy was granted approval to extract shale gas at a site near Kirby Misperton in Ryedale, the first fracking operation in England since 2012. <ref> [http://www.bbc.co.uk/news/uk-england-york-north-yorkshire-36356245 Landmark North Yorkshire fracking operation approved], ''BBC News'', 23 May 2016, accessed 14 September 2016.</ref> The move was met with overwhelming local opposition, and increased public anger over Barclays' investment in the energy firm.<ref> Tony Bosworth, [https://www.foe.co.uk/blog/why-barclays-fracking-excuses-dont-add Why Barclays' fracking excuses don't add up], ''Friends of the Earth'', 13 October 2015, accessed 20 October 2016.</ref>
  
 
===Use of tax havens and aggressive tax avoidance schemes===
 
===Use of tax havens and aggressive tax avoidance schemes===
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===Libor-fixing scandal===
 
===Libor-fixing scandal===
In June 2012, Barclays was fined a record £290 million for attempting to manipulate the London inter-bank lending rate (Libor), one of the most crucial interest rates in finance, between 2005 and 2009.<ref name="Aldrick">Aldrick, Philip, "[http://www.telegraph.co.uk/finance/libor-scandal/9521760/Barclays-heads-roll-over-Libor.html Barclays heads roll over Libor]," ''Telegraph'' 05 September 2012, accessed 10 October 2012.</ref> According to the ''Telegraph'', investigators from the FSA and the US Commodity Futures and Trading Commission found evidence that Barclays had tried to manipulate Libor for several years in the run up to the financial crisis and in its aftermath.<ref name="Wilson">Wilson, Harry, "[http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9360580/Barclays-hit-with-290m-fine-over-Libor-fixing.html Barclays hit with £290m fine over Libor fixing]," ''Telegraph'' 27 June 2012, accessed 10 October 2012.</ref> "As early as 2005 there was evidence Barclays had tried to manipulate dollar Libor and Euribor (the eurozone's equivalent of Libor) rates at the request of its derivatives traders and other banks."<ref name="BBC">''BBC'', "[http://www.bbc.co.uk/news/business-18671255 Timeline: Libor-fixing scandal]," BBC News 26 September 2012, accessed 10 October 2012.</ref>
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In June 2012, Barclays was fined a record £290 million for attempting to manipulate the London inter-bank lending rate (Libor), one of the most crucial interest rates in finance, between 2005 and 2009.<ref>Aldrick, Philip, "[http://www.telegraph.co.uk/finance/libor-scandal/9521760/Barclays-heads-roll-over-Libor.html Barclays heads roll over Libor]," ''Telegraph'' 05 September 2012, accessed 10 October 2012.</ref> According to the ''Telegraph'', investigators from the FSA and the US Commodity Futures and Trading Commission found evidence that Barclays had tried to manipulate Libor for several years in the run up to the financial crisis and in its aftermath.<ref name="Wilson">Wilson, Harry, "[http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9360580/Barclays-hit-with-290m-fine-over-Libor-fixing.html Barclays hit with £290m fine over Libor fixing]," ''Telegraph'' 27 June 2012, accessed 10 October 2012.</ref> "As early as 2005 there was evidence Barclays had tried to manipulate dollar Libor and Euribor (the eurozone's equivalent of Libor) rates at the request of its derivatives traders and other banks."<ref name="BBC">''BBC'', "[http://www.bbc.co.uk/news/business-18671255 Timeline: Libor-fixing scandal]," BBC News 26 September 2012, accessed 10 October 2012.</ref>
  
 
During the three-year investigation into claims that Barclays and other banks attempted to inflate and suppress Libor, emails uncovered to show the extent of the scandal. "In one message sent to a Barclays employee involved in the bank’s Libor submission, a trader asked for the rate to be set “as high as possible today”, to which the unnamed staff member replied “sure”."<ref name="Wilson"/>
 
During the three-year investigation into claims that Barclays and other banks attempted to inflate and suppress Libor, emails uncovered to show the extent of the scandal. "In one message sent to a Barclays employee involved in the bank’s Libor submission, a trader asked for the rate to be set “as high as possible today”, to which the unnamed staff member replied “sure”."<ref name="Wilson"/>
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In May 2015 Barclays, [[Citigroup]], [[JPMorgan]] and [[RBS]] were found guilty of manipulating the price of US dollar and euros and fined nearly $6 billion between them. US authorities discovered that between December 2007 and January 2013 traders at the banks had referred to themselves at 'The Cartel' in chatrooms 'where they used coded language to set benchmark rates'. During a trial period, one Barclays trader was even told 'mess this up and sleep with one eye open at night' with another Barclay's trader, in November 2010, saying 'if you ain't cheating, you ain't trying'. Barclays will pay a combined $2.3 billion (£1.5 billion) fine, which includes settlements with US and UK regulators and must fire eight employees. The bank had set aside £2 billion to cover the cost of the fines.<ref> Hazel Sheffield [http://www.independent.co.uk/news/business/news/if-you-aint-cheatin-you-aint-trying-four-global-banks-plead-guilty-to-felony-charges-of-fixing-the-price-of-dollar-and-euros-10264395.html 'If you ain't cheatin, you ain't trying': four global banks plead guilty to felony charges of fixing the price of dollar and euros] ''Independent'', 20 May 2015, accessed 21 May 2015.</ref>
 
In May 2015 Barclays, [[Citigroup]], [[JPMorgan]] and [[RBS]] were found guilty of manipulating the price of US dollar and euros and fined nearly $6 billion between them. US authorities discovered that between December 2007 and January 2013 traders at the banks had referred to themselves at 'The Cartel' in chatrooms 'where they used coded language to set benchmark rates'. During a trial period, one Barclays trader was even told 'mess this up and sleep with one eye open at night' with another Barclay's trader, in November 2010, saying 'if you ain't cheating, you ain't trying'. Barclays will pay a combined $2.3 billion (£1.5 billion) fine, which includes settlements with US and UK regulators and must fire eight employees. The bank had set aside £2 billion to cover the cost of the fines.<ref> Hazel Sheffield [http://www.independent.co.uk/news/business/news/if-you-aint-cheatin-you-aint-trying-four-global-banks-plead-guilty-to-felony-charges-of-fixing-the-price-of-dollar-and-euros-10264395.html 'If you ain't cheatin, you ain't trying': four global banks plead guilty to felony charges of fixing the price of dollar and euros] ''Independent'', 20 May 2015, accessed 21 May 2015.</ref>
  
===Investment in fracking===
 
Barclays owns 97% percent of the gas exploration  and fracking company [[Third Energy UK Gas Ltd]] <ref> Emily Gosden, [http://www.telegraph.co.uk/finance/newsbysector/energy/10486422/Barclays-invests-in-shale-gas-revolution.html Barclays invests in shale gas revolution], ''The Telegraph'', 30 November 2013, accessed 20 October 2016 </ref>. Its ownership was formerly managed through [[Barclays Natural Resources Investments]] (BNRI), a private equity arm of the bank specialising in energy and commodity investments, until a management buyout in October 2015 saw the company's portfolio transferred to a new standalone company named [[Global Natural Resource Investments]] (GNRI), but operating under the same staff. <ref> Joseph Cotterill, [https://www.ft.com/content/6313e15e-7d5d-11e5-98fb-5a6d4728f74e Barclays spins out resources buyout arm], ''Financial Times'', 28 October 2015, accessed 20 October 2016.</ref> The move meant that Barclays discontinued the right to run BNRI as its own business and would stop further investments, but GNRI would continue to manage its standing 17 investments on behalf its bank, including ownership of Third Energy UK. <ref>[http://www.privateequitywire.co.uk/2015/10/28/233167/mbo-barclays-natural-resource-investments-creates-new-pe-firm-gnri- MBO at Barclays Natural Resource Investments creates new PE firm GNRI], ''Private Equity Wire'', 28 October 2015, accessed 20 October 2016.</ref>
 
Barclays had originally sought to sell the entire portfolio of BNRI along with its management team, but failed to secure an appropriate buyer. GNRI has an estimated $1.7 billion in standalone funds, including investments from Barclays and the [[Qatar Investment Authority]], and has plans to raise a further $1-$1.5 billion in 2016-2017. <ref> Martin Arnold and Madison Marriage, [https://www.ft.com/content/06e3043a-198c-11e5-8201-cbdb03d71480 Management to buy Barclays private equity arm after stalled sale], ''Financial Times'', June 25 2015, accessed 20 October 2016.</ref>
 
  
 
===MPs on the payroll===
 
===MPs on the payroll===
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*[[Sarah Cox]] of the Cabinet Office’s Business Support Group worked at Barclays plc from 2001 to 2004.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U45645 COX, Sarah Elizabeth], December 2008, accessed 24 March 2009.</ref>
 
*[[Sarah Cox]] of the Cabinet Office’s Business Support Group worked at Barclays plc from 2001 to 2004.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U45645 COX, Sarah Elizabeth], December 2008, accessed 24 March 2009.</ref>
 
*[[James Duddridge]], Conservative MP for Rochford and Southend East since 2005 worked at Barclays Bank 1993–2002.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U45529 DUDDRIDGE, James Philip], December 2008, accessed 24 March 2009.</ref>
 
*[[James Duddridge]], Conservative MP for Rochford and Southend East since 2005 worked at Barclays Bank 1993–2002.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U45529 DUDDRIDGE, James Philip], December 2008, accessed 24 March 2009.</ref>
*U.K. Life Peer [[Robert Fellowes]], Lord Fellowes of Shotesham, was Chairman of Barclays Private Bank from 2000 until December 2009.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U15595 FELLOWES], December 2008, accessed 24 March 2009.</ref><ref>British Library, [http://www.bl.uk/aboutus/governance/blboard/memberslist/fellowes/index.html Lord (Robert) Fellowes], accessed 13 April 2010.</ref>  
+
*UK Life Peer [[Robert Fellowes]], Lord Fellowes of Shotesham, was Chairman of Barclays Private Bank from 2000 until December 2009.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U15595 FELLOWES], December 2008, accessed 24 March 2009.</ref><ref>British Library, [http://www.bl.uk/aboutus/governance/blboard/memberslist/fellowes/index.html Lord (Robert) Fellowes], accessed 13 April 2010.</ref>  
*U.K. Life Peer [[Digby Jones]], Lord Jones of Birmingham, who was Minister of State for UK Trade and Investment from 2007 to 2008, was a Senior Advisor to Barclays Capital from 2006 to 2007.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U22305 JONES OF BIRMINGHAM], December 2008, accessed 24 March 2009.</ref>
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*[[Howell James]], vice-chairman corporate affairs director, appointed summer 2008. The previous four years James was the Cabinet Office's permanent secretary for government communications, responsible for the ‘strategy, co-ordination and effectiveness’ of communications across Whitehall. He was political secretary to former Conservative prime minister [[John Major]].<ref>''Public Affairs News'', "[http://tinyurl.com/y5vpxxh Information on PA personnel moves during December 2008]," People Moves December 2008 by Ian Hall, accessed 12 April 2010.</ref>
 +
*UK Life Peer [[Digby Jones]], Lord Jones of Birmingham, who was Minister of State for UK Trade and Investment from 2007 to 2008, was a Senior Advisor to Barclays Capital from 2006 to 2007.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U22305 JONES OF BIRMINGHAM], December 2008, accessed 24 March 2009.</ref>
 
*Sir [[Andrew Likierman]], an independent non-executive Director since September 2004, was a Non-executive Director of the Bank of England and was Chief Accountancy Advisor at HM Treasury from 1993 to 2003.<ref>Barclays, [http://group.barclays.com/About-us/Management-structure/The-Board/Biography/1225802846659.html Professor Sir Andrew Likierman], accessed 13 April 2010.</ref><ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U24555 LIKIERMAN, Prof. Sir (John) Andrew], accessed 24 March 2009.</ref>  
 
*Sir [[Andrew Likierman]], an independent non-executive Director since September 2004, was a Non-executive Director of the Bank of England and was Chief Accountancy Advisor at HM Treasury from 1993 to 2003.<ref>Barclays, [http://group.barclays.com/About-us/Management-structure/The-Board/Biography/1225802846659.html Professor Sir Andrew Likierman], accessed 13 April 2010.</ref><ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U24555 LIKIERMAN, Prof. Sir (John) Andrew], accessed 24 March 2009.</ref>  
 
*[[Francis Maude]], Conservative MP for Horsham, is a member of Barclays Asia-Pacific Advisory Committee.<ref>UK Parliament, [http://www.parliament.the-stationery-office.com/pa/cm/cmregmem/081217/memi19.htm Register of Members' Interests], 17 December 2008, accessed 13 April 2010.</ref>
 
*[[Francis Maude]], Conservative MP for Horsham, is a member of Barclays Asia-Pacific Advisory Committee.<ref>UK Parliament, [http://www.parliament.the-stationery-office.com/pa/cm/cmregmem/081217/memi19.htm Register of Members' Interests], 17 December 2008, accessed 13 April 2010.</ref>
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==PR and lobbying==
 
==PR and lobbying==
====External====
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In February 2012 Barclays reviewed its UK public affairs contract, with [[Weber Shandwick]] and [[Cicero Consulting]] pitching for the main PA account.<ref name="Cartmell">Cartmell, Matt, "[http://www.prweek.com/uk/news/1117154/Barclays-Bank-public-affairs-review/ Barclays Bank in public affairs review]," ''PR Week'' 14 February 2012, accessed 10 October 2012.</ref> In April ''PR News'' announced that Cicero had won the brief to handle all UK lobbying. In May 2012 Barclays was reportedly on the hunt for an EU-level public affairs agency, against the backdrop of banks facing increasing pressure from proposed EU legislation such as the potential financial transaction tax.  [[Fleishman-Hillard]] currently handles the account for Barclays investment banking public affairs, and was repitching for the new consolidated account. A Barclays spokesman told ''PR Week'': 'Barclays recently consolidated its UK agencies. We're doing the same for Barclays in Europe.'<ref>Cartmell, Matt, "[http://www.prweek.com/uk/news/1133279/barclays-bank-hunts-lobbying-help-eu-laws/ Barclays Bank hunts for lobbying help on EU laws]," ''PR Week'' 24 May 2012, accessed 07 June 2012.</ref>
*In February 2012 Barclays reviewed its UK public affairs contract, with [[Weber Shandwick]] and [[Cicero Consulting]] pitching for the main PA account.<ref name="Cartmell">Cartmell, Matt, "[http://www.prweek.com/uk/news/1117154/Barclays-Bank-public-affairs-review/ Barclays Bank in public affairs review]," ''PR Week'' 14 February 2012, accessed 10 October 2012.</ref> In April ''PR News'' announced that Cicero had won the brief to handle all UK lobbying. In May 2012 Barclays was reportedly on the hunt for an EU-level public affairs agency, against the backdrop of banks facing increasing pressure from proposed EU legislation such as the potential financial transaction tax.  [[Fleishman-Hillard]] currently handles the account for Barclays investment banking public affairs, and was repitching for the new consolidated account. A Barclays spokesman told ''PR Week'': 'Barclays recently consolidated its UK agencies. We're doing the same for Barclays in Europe.'<ref>Cartmell, Matt, "[http://www.prweek.com/uk/news/1133279/barclays-bank-hunts-lobbying-help-eu-laws/ Barclays Bank hunts for lobbying help on EU laws]," ''PR Week'' 24 May 2012, accessed 07 June 2012.</ref>
 
  
*[[MHP Communications]] - circa 2014]<ref> [http://www.appc.org.uk/members/register/register-profile/?company=MHP%20Communications Register 1st September 2014 - 30th November 2014] ''APPC'', accessed 23 February 2015 </ref>
+
====External (from June-August 2016 APPC Register):====
*[[Andrew Garfield]] of [[Brunswick]] advises Barclays on public relations.
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*[[MHP Communications]] <ref> [http://www.appc.org.uk/register/profile/?company=MHP%20Communications Current Register 1st June 2016 - 31st August 2016] ''APPC'', accessed 10 November 2016 </ref>  
*[[Cicero Consulting]] handles [[Barclays Capital]]'s public affairs<ref name="APPC011208"/> as well as public affairs for [[Barclays Group]]<ref name="APPC010910"/>
+
*[[Cicero Group]] handles [[Barclays Capital]]'s public affairs as well as public affairs for [[Barclays Group]]. <ref> [http://www.appc.org.uk/register/profile/?company=Cicero%20Group Current Register 1st June 2016 - 31st August 2016], ''APPC'', accessed 10 November 2016 </ref>
*[[Finsbury]] lists [[Barclays Capital]] as a client.
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*[[Weber Shandwick]]<ref> [http://www.appc.org.uk/register/profile/?company=Weber%20Shandwick Current Register 1st June 2016 - 31st August 2016] ''APPC'', accessed 10 November 2016 </ref> Held the account for about 10 years, led by [[Jon McLeod]] according to ''PR Week''.<ref name="Cartmell"/>
*[[Edelman]]<ref> [http://www.appc.org.uk/members/register/register-profile/?company=Edelman Register 1st September 2014 - 30th November 2014] ''APPC'', accessed 29 January 2015 </ref>
 
*[[Weber Shandwick]]<ref> [http://www.appc.org.uk/members/register/register-profile/?company=Weber%20Shandwick Register 1st September 2014 - 30th November 2014] ''APPC'', accessed 29 January 2015 </ref> Held the account for about 10 years, led by [[Jon McLeod]] according to ''PR Week''.<ref name="Cartmell"/>  
 
  
 
=====Former=====
 
=====Former=====
 +
*[[Andrew Garfield]] of [[Brunswick]] has advised Barclays on public relations.
 +
*[[Finsbury]]
 +
*[[Edelman]]
 
*[[Blue Rubicon]], has also previously handled Barclays' public affairs.<ref name="APPC010910">APPC, [http://www.appc.org.uk/appc/filemanager/root/site_assets/pdfs/register/appc_register_entry_for_1_september_2010_to_31_november_2010_revised_2011.pdf APPC Register Entry for 01 September 2010 to 31 November 2010], accessed 10 October 2012.</ref>
 
*[[Blue Rubicon]], has also previously handled Barclays' public affairs.<ref name="APPC010910">APPC, [http://www.appc.org.uk/appc/filemanager/root/site_assets/pdfs/register/appc_register_entry_for_1_september_2010_to_31_november_2010_revised_2011.pdf APPC Register Entry for 01 September 2010 to 31 November 2010], accessed 10 October 2012.</ref>
  
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==People==
 
==People==
===Board members (February 2009)===
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===Board members===
*[[Marcus Agius]] Chairman from 1 Jan 2007 - 2012. He succeeded [[Matthew Barrett]]. Agius is the senior non-executive Director of the [[BBC]] and ex-Chairman of [[Lazard]] in London and a Deputy Chairman of Lazard LLC until 31 December 2006. Ex-Chairman of [[BAA]] PLC, a position he held from 2002 until 20 December 2006.<ref>Barclays, [http://group.barclays.com/About-us/Management-structure/The-Board The Board], accessed 12 April 2010.</ref>
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*[[John McFarlane]] (Chairman);
*Sir [[Nigel Rudd]], Deputy Chairman (non-exec director)
+
*[[Jes Staley]] (Group Chief Executive Officer)
*[[John Varley]], Group Chief Executive: He was appointed as Group Chief Executive on 01 September 2004, prior to which he had been Group Deputy Chief Executive from 01 January 2004.<ref>Barclays, [http://group.barclays.com/About-us/Management-structure/The-Board The Board], accessed 12 April 2010.</ref>
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*[[Mike Ashley]] (non-executive director)
*[[Robert Diamond]] Jr, President, Barclays PLC and CEO of Corporate & Investment Banking and Wealth Management
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*[[Tim Breedon]] (non-executive director)
*[[Chris Lucas]], Group Finance Director
+
*[[Crawford Gilles]] (non-executive director)
*[[Frits Seegers]], Chief Executive, Global Retail and Commercial Banking 
+
*[[Sir Gerry Grimstone]] (Deputy chairman and Senior independent director)
*[[David Booth]], Non-Executive Director
+
*[[Reuben Jeffery III]] (non-executive director)
*Sir [[Richard Broadbent]], Senior Independent Director
+
*[[Tushar Morzaria]] (Group Finance Director)
 +
*[[Dambisa Moyo]] (non-executive director)
 +
*[[Frits van Paasschen]] (non-executive director)
 +
*[[Diane de Saint Victor]] (non-executive director)
 +
*[[Diane Schueneman]] (non-executive director)
 +
*[[Stephan Thieke]] (non-executive director) <ref name="Barc"> [https://www.home.barclays/about-barclays/leadership-team.html About us Leadership], ''Barclays'', accessed 24 October 2016. </ref>
  
===Non executive directors (February 2009)===
+
===Executive committee===
*[[Richard Leigh Clifford]]
+
*[[Jes Staley]] (Group Chief Executive)
*[[Fulvio Conti]]
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*[[Paul Compton]] (Group Chief Operating Officer)
*[[Dr Danie Cronjé]]
+
*[[Bob Hoyt]] (Group General Counsel)
*Professor Dame [[Sandra Dawson]]
+
*[[Tristram Roberts]] (Group Human Resources Director)
*Sir [[Andrew Likierman]]
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*[[Tushar Morzaria]] (Group Finance Director)
*Sir [[Michael Rake]]
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*[[Maria Ramos]] (CEO, Barclays Africa Group)
*[[Stephen Russell]]
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*[[Michael Roemer]] (Group Head of Compliance)
*Sir [[John Sunderland]]  
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*[[Amer Sajed]] (CEO of Barclaycard)
*[[Patience Wheatcroft]]
+
*[[C.S. Venkatakrishnan]] (Chief Risk Officer)
 +
*[[Ashok Vaswani]] (CEO, Barclays UK) <ref name="Barc"/>
  
 
===Early 90s Board of Directors===
 
===Early 90s Board of Directors===
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{{Template: Finance Lobbying Portal badge}}
 
{{Template: Finance Lobbying Portal badge}}
 
{{Template: Revolving Door badge}}
 
{{Template: Revolving Door badge}}
 
  
 
==Resources==
 
==Resources==

Latest revision as of 07:51, 17 January 2020

Barclays HQ, 2 Churchill Place, Canary Wharf - next to HSBC and KPMG

Barclays plc is a major global financial services company. In 2008 it was ranked as the 25th largest company in the world according to Forbes Global 2000. On Fortune Global 500, it ranked 103 in 2006, 83 in 2007, 70 in 2008, and 83 in 2009.[1]

Structure

Barclays PLC is a holding company - it operates through its subsidiary Barclays Bank PLC. Its investment banking division is called Barclays Capital.

Controversies and conflicts of interest

Main backer of Third Energy

FrackWell.png This article is part of the Spinwatch Fracking Portal and project

<youtube size="medium" align="right" caption=“Anti-fracking protests outside Barclay's Bank, London”>GFH7p2XEJdU</youtube> Barclays' involvement in the UK fracking industry has sparked increasing public anger and protest in recent years. Direct action by affected communities and environmental campaigners has even at times forced its local branches to shut down during protests and sit-ins.

The bank owns 97 per cent percent of the gas exploration and fracking firm Third Energy UK Gas Ltd, [2], which plans to frack in Yorkshire. Its ownership was formerly managed through Barclays Natural Resources Investments (BNRI), a private equity arm of the bank specialising in energy and commodity investments, until a management buyout in October 2015 saw the company's portfolio transferred to a new standalone company named Global Natural Resource Investments (GNRI), operating under the same staff. [3] The move meant that Barclays discontinued the right to run BNRI as its own business and would stop further investments, but GNRI would continue to manage its standing 17 investments on behalf the bank, including ownership of Third Energy UK. [4] Barclays had originally sought to sell the entire portfolio of BNRI along with its management team, but failed to secure an appropriate buyer. GNRI has an estimated $1.7 billion in standalone funds, including investments from Barclays and the Qatar Investment Authority, and has plans to raise a further $1-$1.5 billion in 2016-2017. [5]

In May 2016, Third Energy was granted approval to extract shale gas at a site near Kirby Misperton in Ryedale, the first fracking operation in England since 2012. [6] The move was met with overwhelming local opposition, and increased public anger over Barclays' investment in the energy firm.[7]

Use of tax havens and aggressive tax avoidance schemes

In 2011 Barclays came under intense scrutiny from politicians over its tax affairs and prolific use of tax havens. Chuka Umunna, the shadow business secretary forced Barclays to reveal in January that it had paid just £113 million of UK corporate tax in 2009, a year in which it paid £3.4 billion in bonuses, and operated more than 300 subsidiaries in tax havens worldwide, particularly in the Cayman Islands.

As a result, Barclays committed itself to committed to closing down "a significant number of Cayman companies during 2011". According to The Telegraph, filings made alongside Barclays' annual report show that in early 2012 it was in the process of liquidating 49 of those 181 Cayman subsidiaries, which would leave it with 132. The newspaper pointed out this would still leave it far ahead of other banks such as RBS and Lloyds, with 37 and 24 companies based in the Caymans respectively.[8]

Barclays also suffered embarrassment when in early 2012, HM Revenue & Customs closed down two of its tax avoidance schemes and, "in a highly unusual move, clawed back the revenues from one of them. HMRC claimed that it recovered £500 million of tax through the actions. The Telegraph described this as 'particularly awkward for Barclays because it has signed the Banking Code of Practice on Taxation, which encourages lenders to follow the spirit as well as the letter of the law. It also followed a pledge made last year by chief executive Bob Diamond for Barclays, and all banks, to win back public trust by becoming "better citizens"."[8]

Libor-fixing scandal

In June 2012, Barclays was fined a record £290 million for attempting to manipulate the London inter-bank lending rate (Libor), one of the most crucial interest rates in finance, between 2005 and 2009.[9] According to the Telegraph, investigators from the FSA and the US Commodity Futures and Trading Commission found evidence that Barclays had tried to manipulate Libor for several years in the run up to the financial crisis and in its aftermath.[10] "As early as 2005 there was evidence Barclays had tried to manipulate dollar Libor and Euribor (the eurozone's equivalent of Libor) rates at the request of its derivatives traders and other banks."[11]

During the three-year investigation into claims that Barclays and other banks attempted to inflate and suppress Libor, emails uncovered to show the extent of the scandal. "In one message sent to a Barclays employee involved in the bank’s Libor submission, a trader asked for the rate to be set “as high as possible today”, to which the unnamed staff member replied “sure”."[10]

On 27 June 2012, Barclays admitted to misconduct. The "FSA imposed a £59.5 million penalty. The US Department of Justice and the Commodity Futures Trading Commission (CFTC) imposed fines worth £102 million and £128 million respectively, forcing Barclays to pay a total of around £290 million."[11]

The scandal forced both Barclays chief executive Bob Diamond and chairman Marcus Agius to resign.[11] [12] Agius was later replaced by David Walker.

Manipulating prices

In May 2015 Barclays, Citigroup, JPMorgan and RBS were found guilty of manipulating the price of US dollar and euros and fined nearly $6 billion between them. US authorities discovered that between December 2007 and January 2013 traders at the banks had referred to themselves at 'The Cartel' in chatrooms 'where they used coded language to set benchmark rates'. During a trial period, one Barclays trader was even told 'mess this up and sleep with one eye open at night' with another Barclay's trader, in November 2010, saying 'if you ain't cheating, you ain't trying'. Barclays will pay a combined $2.3 billion (£1.5 billion) fine, which includes settlements with US and UK regulators and must fire eight employees. The bank had set aside £2 billion to cover the cost of the fines.[13]


MPs on the payroll

Revolving door

  • Thomas David Guy Arculus, an independent non-executive Director from 1997 to 2006, was a member of the UK Government’s Better Regulation Task Force within the Cabinet Office from 2002 to 2005.[15]
  • Sir Richard Broadbent, the former Chairman of HM Customs & Excise, has been a Senior Independent Director at Barclays plc since 2003. He is Chairman of transport services company Arriva PLC.[16]
  • Mark Clarke, currently Director-General of Finance at the Department for Business, Enterprise and Regulatory Reform, worked at Barclays from 2000 to 2003.[17]
  • Sarah Cox of the Cabinet Office’s Business Support Group worked at Barclays plc from 2001 to 2004.[18]
  • James Duddridge, Conservative MP for Rochford and Southend East since 2005 worked at Barclays Bank 1993–2002.[19]
  • UK Life Peer Robert Fellowes, Lord Fellowes of Shotesham, was Chairman of Barclays Private Bank from 2000 until December 2009.[20][21]
  • Howell James, vice-chairman corporate affairs director, appointed summer 2008. The previous four years James was the Cabinet Office's permanent secretary for government communications, responsible for the ‘strategy, co-ordination and effectiveness’ of communications across Whitehall. He was political secretary to former Conservative prime minister John Major.[22]
  • UK Life Peer Digby Jones, Lord Jones of Birmingham, who was Minister of State for UK Trade and Investment from 2007 to 2008, was a Senior Advisor to Barclays Capital from 2006 to 2007.[23]
  • Sir Andrew Likierman, an independent non-executive Director since September 2004, was a Non-executive Director of the Bank of England and was Chief Accountancy Advisor at HM Treasury from 1993 to 2003.[24][25]
  • Francis Maude, Conservative MP for Horsham, is a member of Barclays Asia-Pacific Advisory Committee.[26]
  • Jami Miscik, who became Global Head of Sovereign Risk at Barclays Capital after it bought Lehman Brothers, was Deputy Director of Intelligence at the CIA from 2002 to 2005.[27][28]
  • Sir Anthony Reeve, Ambassador to South Africa 1991-96, was Director Barclays Private Bank Ltd, 1997–2001.[29]
  • Barclays Bank plc employee Howard Spiers was seconded to the Department for Trade and Industry from 1998 to 2001 as an export promoter.[30]
  • Robert K. Steel, a Non Executive Director of Barclays Bank plc from 2005 to 2006, was Under Secretary, Domestic Finance, U.S. Department of the Treasury from 2006 to 2008.[31][32]
  • Sir David Wright, a former British diplomat and Group Chief Executive at British Trade International, became Vice-Chairman of Barclays Capital in 2003.[33]

PR and lobbying

In February 2012 Barclays reviewed its UK public affairs contract, with Weber Shandwick and Cicero Consulting pitching for the main PA account.[34] In April PR News announced that Cicero had won the brief to handle all UK lobbying. In May 2012 Barclays was reportedly on the hunt for an EU-level public affairs agency, against the backdrop of banks facing increasing pressure from proposed EU legislation such as the potential financial transaction tax. Fleishman-Hillard currently handles the account for Barclays investment banking public affairs, and was repitching for the new consolidated account. A Barclays spokesman told PR Week: 'Barclays recently consolidated its UK agencies. We're doing the same for Barclays in Europe.'[35]

External (from June-August 2016 APPC Register):

Former

Internal

  • Matt Hammerstein - MD public policy; corporate comms; strategy and planning; and brand and marketing
  • Stephen Doherty - takes up the newly created role of MD, head of corporate comms across the bank's global business from July 2012. Doherty has been Diageo's director of comms since 2007. A source told PR Week that the appointment was a reflection of the bank’s desire to ‘get a grip on the narrative’ and provide a more robust voice in the high-profile regulatory and media debates around the global financial services industry. He will work alongside the bank's vice chairman, corporate affairs, Howell James, and will report to Matt Hammerstein.[40]
  • Howell James, vice-chairman corporate affairs director, appointed summer 2008. The previous four years James was the Cabinet Office's permanent secretary for government communications, responsible for the ‘strategy, co-ordination and effectiveness’ of communications across Whitehall. He was political secretary to former Conservative prime minister John Major.[41]
  • Alistair Smith, Head of media relations[42]
  • Jane Atkin, Corporate comms director[43]
  • Christine Farnish, Sustainability and public policy director[44]

Representation in the European Commission

Mark Gilmartin, director of Barclays Capital represents the British Bankers Association and International Swaps and Derivatives Association on the European Commission's Expert Group on automatic exchange of financial account information. The aim of the group is to assist the EU member states on tax laws and collecting the full amount of tax owed to them.[45]

People

Board members

Executive committee

Early 90s Board of Directors


CSR (Corporate Social Responsibility) Ventures (early 00's)

"Barclays is a leader in corporate citizenship and community involvement. Community support in 2001 totalled £31.1 million. ... In education, Barclays New Futures is an eight-year, £8 million programme providing opportunities for students to develop life, work and citizenship skills through partnership projects between schools and the community."[47]

"Barclays New Futures is an eight year, 8 million programme providing opportunities for students to develop life, work and citizenship skills through partnership projects between schools and the community."[48]

"In 2001, we launched a new two-year £1.9 million sponsorship programme ‘Invest and Inspire’ to promote accessibility to the arts. We are supporting major exhibitions at the British Museum, the National Gallery and Tate Britain, as well as all the productions at the Royal National Theatre’s Olivier Theatre."[49]

"Barclays also supports its employees’ enthusiastic involvement in their local communities with a range of schemes. In 2001, more than 5,300 employees volunteered their time and talents. In addition, 5,600 employees organised fundraising activities and Barclays approved more than 7,400 applications for matched funding which helped raise £5.87 million." [50]

"Barclays 1999 Environmental Review sets out the scale and scope of our practices and policies to protect the environment and conserve energy. The following is a brief summary of the Review. [...] Barclays Group Property Services has developed its own environment policy that is reviewed annually and amended to reflect technological advances, legislative developments and industry best practice. [...] We use substantial amount of paper and require suppliers to ensure that this and other raw materials are from ecologically managed sources. [...] Our branch network and head office buildings produce around 3,000 tonnes of waste paper that is recycled annually. Recycled waste paper from our Records offices totals some 4,500 tonnes each year. [...] We have some 6,000 vehicles in our fleet, all running on unleaded petrol or diesel. We do not provide free fuel for company car drivers. A cash alternative to a company car is available – around 1,300 employees have chosen this option."[51]


Affiliations

Contact

Address: Mall Level -1,
Churchill Place,
Canary Wharf,
London,
E14 5RB,
Phone: 020 7116 1000
Website: www.bank.barclays.co.uk
This article is part of the Finance Lobbying project of Spinwatch
Revolving Door.jpg This article is part of the Revolving Door project of Spinwatch.



Resources

Notes

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  2. Emily Gosden, Barclays invests in shale gas revolution, The Telegraph, 30 November 2013, accessed 20 October 2016
  3. Joseph Cotterill, Barclays spins out resources buyout arm, Financial Times, 28 October 2015, accessed 20 October 2016.
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  5. Martin Arnold and Madison Marriage, Management to buy Barclays private equity arm after stalled sale, Financial Times, June 25 2015, accessed 20 October 2016.
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  9. Aldrick, Philip, "Barclays heads roll over Libor," Telegraph 05 September 2012, accessed 10 October 2012.
  10. 10.0 10.1 Wilson, Harry, "Barclays hit with £290m fine over Libor fixing," Telegraph 27 June 2012, accessed 10 October 2012.
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  12. Telegraph, "Bob Diamond resigns as Barclays chief, Telegraph online 03 July 2012, accessed 10 October 2012.
  13. Hazel Sheffield 'If you ain't cheatin, you ain't trying': four global banks plead guilty to felony charges of fixing the price of dollar and euros Independent, 20 May 2015, accessed 21 May 2015.
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  36. Current Register 1st June 2016 - 31st August 2016 APPC, accessed 10 November 2016
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  39. APPC, APPC Register Entry for 01 September 2010 to 31 November 2010, accessed 10 October 2012.
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