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Barclays names new head for pay committee after backlash

Signage for Barclays bank in London February 14, 2012. REUTERS/Luke MacGregor
Signage for Barclays bank in London February 14, 2012. REUTERS/Luke MacGregor

LONDON (Reuters) - Barclays said it will appoint Crawford Gillies as the new head of its remuneration committee, in a move that could take the sting out of criticism from shareholders next week about pay levels at the British bank.

Barclays said on Tuesday Gillies, who has headed the European arm of consultancy Bain and chaired the pay committee for Standard Life , has joined its board and will join the remuneration committee at the start of May. It is intended he will replace John Sunderland as chairman of the remuneration committee at a later date, the bank said.

Sunderland has come under fire after Barclays raised its bonus pool for last year by 10 percent, despite a one-third drop in profit, and is expected to face criticism from shareholders at the bank's AGM on April 24.

Sunderland has been criticized in the past for allowing lucrative payouts to executives and investment bankers.

(Reporting by Steve Slater; Editing by Matt Scuffham)

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