Carnwath walks the plank at Barclays

Alison Carnwath, the chair of the remuneration committee at Barclays, has resigned from the board of the controversial British bank.

Citing "personal reasons", Carnwatch has given up here role as a non-executive director of Barclays. "With regret I have concluded that I am no longer able to devote sufficient time to my role as a director of Barclays given my other commitments," Carnwath said.

Carnwath felt the wrath of shareholders at this year's Barclays annual general meeting, as she was head of the committee which sanctioned what many regarded as overly generous pay deals for the Barclays top brass, including Bob Diamond, who subsequently resigned over the LIBOR scandal.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Ironically, Carnwath herself was said to be opposed to the payment of a £2.7m bonus to Diamond but was overruled by her fellow committee members.

Just under 32% of Barclays' shareholders voted against the Barclays remuneration report this year, a level of dissent virtually unheard of in previous years but not that unusual this year, as shareholders put their foot down over their money being distributed with a perceived undue amount of largess to executives.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.