Barclays (LON:BARC) chief executive Jes Staley has apologised to shareholders for trying to uncover the identity of a whistleblower ahead of a vote on his re-election to the board.
Staley addressed investors for the first time since it emerged he was being investigated by UK regulators into his conduct after he attempted to unmask the author of a letter raising concerns about a senior employee in 2016.
"I made a mistake in becoming involved in an issue which I should have left to the business to deal with," he said at the bank’s annual general meeting.
“I have apologised to the board, and I would today like to apologise to you as well for that error.”
He has previously apologised for the incident and he now faces the possibility of losing his job at a vote on his re-election later.
Advisory service, Institutional Shareholder Services called on investors to refrain from voting in favour of Staley’s re-election at the AGM.
"Given his personal involvement and accountability in this matter, and given the importance of his role as group CEO, an abstention on his re-election is considered appropriate," it said.
The group's members hold about a quarter of the bank's shares.
Regulators could also decide to strip Staley of his position, which he started in December 2015, sending the lender off course in its turnaround.
Barclays shareholders vote on executives' pay packages...
Shareholders will also vote on the remuneration of executives and some are expected to oppose excessive pay packages.
Corporate governance body Pirc has advised investors to vote against the bank's remuneration report.
The body, which advises many of the largest institutional investors on how to vote, said Staley's pay last year was 49 times higher than that of an average Barclays' employee and therefore "inappropriate". Pirc also urged investors to vote against the bank's future plans for rewarding executive staff.
Staley plays down Brexit concerns...
Staley said at the meeting that he did not see a need to move jobs or significant operations out of Britain due to Brexit and the loss of passporting rights.
He said the UK’s departure from the European Union was a “wholly manageable challenge”.
“To be clear, we believe that the value of the single market for financial services in Europe with full participation from banks based in the UK remains the best option for the UK economy and the best option for the European Union economy.”