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Barclays Bank could put all directors up for renewal

It has been revealed that Barclays Bank may be forced to put all directors up for renewal in the aftermath of the middle east fundraising. It is rumoured that institutional investors are furious that the bank has effectively raised cash for a cost of 13% which is significantly higher than that offered by the UK government. This is a situation which has been ongoing for a couple of weeks now and one which could see the demise of the current Barclays board.

We seem to be in a new age of shareholder power and the massive institutions are flexing their muscles and asking why the bank went to the Middle East. This has the potential to affect the short to medium term dealings of the bank as more and more director time is being spent on the funding issue. It looks as though heads will roll at some stage although who and when remains to be seen. Privately their UK government may be applauding the renewed vigour which has seen shareholders pursue the issue with the main board directors.

There is even a suggestion that Barclays Bank may well find itself on the end of a takeover or merger offer.

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