Barclays GC pockets £3.6m bonus as retirement nears

Barclays general counsel Mark Harding cashed in shares worth over £3.6m in what is expected to be his final bonus payout before retiring from the bank.

Mark Harding
Mark Harding

The former Clifford Chance partner was awarded 1.2m shares worth 308.1p each, or a total of £3.77m, and sold 1.18m shares, representing £3.64m.

The payouts, announced today (20 March) by the UK lending giant, include deferred shares awarded in previous years and may include awards resulting from various long-term incentive plans that can go as far back as 2007.

Harding last month announced he was leaving the bank after ten years, kicking off a recruitment process to find his replacement (4 February 2013).

His basic salary is unconfirmed, but filings from last March show he received £1.14m in shares in 2012 and cashed them all (11 February 2013).

Harding’s bonus is dwarfed by the figure given to investment banking head Rich Ricci, who received 5.7m shares worth £17.6m and cashed in the full amount. CEO Antony Jenkins earned £5.6m in shares and cashed in £2.9m of them.

A Barclays spokesperson said in a statement: “The share releases detailed in this announcement include deferred shares awarded from previous years’ annual performance bonuses and, in some cases, vesting of historical long-term incentive plans where the agreed performance conditions for vesting have been met.

“As was stated in the 2012 annual report published on 8 March, Barclays has revised its remuneration policy and all future incentive awards, short and long-term, will be based on the new principles that have been set out.”