10:25 AM EDT, 04/03/2024 (MT Newswires) -- Barclays ( JJCTF ) kept a cap on the bonuses paid to bankers in 2023 even after UK regulators lifted a requirement for the country's banks to apply a maximum ratio of variable to fixed remuneration at no more than 2-to-1, the bank's Chairman Nigel Higgins said in a letter to shareholders before the company's May 9 annual meeting.

The UK regulatory requirement, which was lifted in October 2023, applied to bankers whose activities may have a material impact on the bank's risk profile, known as material risk takers.

The bank's board remuneration committee decided the 2-1 cap" would continue to apply in Barclays ( JJCTF ) for the 2023 performance year and that it would consider this further in respect of 2024 and future years," Higgins said in the letter.

The policy may be changed in the future, Higgins said.

"Whether or not the company changes the cap in the future, pay across the group will continue to be managed in line with

Barclays' ( JJCTF ) remuneration philosophy, which includes a focus on rewarding sustainable performance," he said.

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