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LONDON (Alliance News) - Barclays PLC Tuesday said it has allocated shares to a number of top executives and staff under the new role-based pay designed to get round new EU rules limiting banks on how much they can pay in bonuses in comparison with fixed pay.
Chief Executive Antony Jenkins is being allocated with GBP474,998 in the form of 221,197 shares under the new class of fixed pay that banks have introduced in the wake of EU rules capping bonuses at equal to fixed pay, or up to 200% with shareholder approval. Finance Director Tushar Morzaria received GBP374,998 in the form of 174,629 shares.
Unlike Jenkins and Morzaria, whose role-based pay covers their fixed pay in the first six months of 2014, others received their role-based pay for the three months to the end of June.
Those individuals include investment bank chief Thomas King, who was paid GBP572,760 in the shape of 266,723 shares, and Barclaycard boss Valerie Soranno Keating, who was paid GBP149,998 in 69,851 shares. Personal and Corporate Banking head Ashok Vaswani was granted the same terms as Keating. Chief Risk Officer Robert Le Blanc was issued with GBP299,998 in 139,703 shares. All share amounts exclude shares deducted to cover tax.
Human Resources Director Irene McDermott Brown, General Counsel Bob Hoyt, and Head of Compliance Michael Roemer also received shares under the new fixed pay element of their remuneration.
Role-based shares were issued at GBP2.1474 each. Role-based pay is due quarterly and is subject to a holding period with restrictions lifting over five years.
In a separate statement, Barclays said that it has slashed its legal panel by 30%, following a review of the legal firms it uses around the world. Its list of preferred law firms is as follows:
Addleshaw Goddard
Allen & Overy
Boies Schiller & Flexner
Cadwalader
Cleary Gottlieb Steen & Hamilton
Clifford Chance
Davis Polk & Wardwell
DLA Piper
Eversheds
Freshfields Bruckhaus Deringer
Hogan Lovells
Latham & Watkins
Linklaters
Matthew Arnold Baldwin
Shearman & Sterling
Simmons & Simmons
Skadden, Arps, Slate, Meagher & Flom
Sullivan & Cromwell
TLT
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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