Paymaster Quits Over CEO Greed and Barclays’ Libor Scandal

During meetings of the Barclays board of directors in April, the chairwoman of the bank’s remuneration committee, Alison Carnwath, advocated for then-CEO Bob Diamond to receive less money. The board chairman at the time, Marcus Agius, was the chief proponent for Diamond to receive every bit of the nearly £25M he was scheduled to get, including a £2.7M annual bonus. Alison Carnwath resigned Tuesday saying she no lonoger had the time to devote.

Since that April meeting both Bob Diamond and Marcus Agius were forced to resign in shame, having been key players in the Libor rate-rigging scandal which has rocked the financial world. Barclays received a £290M fine for their culpability.

“Ms Carnwath (had) argued that the banker should be awarded a zero annual bonus  for 2011. However, the majority of the committee was persuaded by the arguments of Mr  Agius, who also sat on the committee, that Mr Diamond might leave the bank if he  received no bonus,” according to Patrick Jenkins in the Financial Times. “‘Everyone bought the argument that Bob needed something for  his ego,’ said one person close to the situation.”

Alison Carnwath, who took heat from fellow board members for her principled stand, does indeed have a full plate. She is chairman of a property group called Land Securities.

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