Barclays AGM disrupted by activists protesting over Gaza

LONDON (Reuters) -Barclays’ annual shareholder meeting was disrupted by activists protesting against its alleged indirect links to violence in Gaza, with the bank’s chair telling security staff to eject them from the event in Glasgow on Thursday.

“We are totally prepared to answer questions on this topic but there is no point engaging in megaphone diplomacy,” Higgins told protesters, who were led out of the gathering.

Barclays said last week it did not invest its own money in companies that supply weapons used by Israel in Gaza, and it only trades shares in such companies on behalf of clients.

Chief Executive C.S. Venkatakrishnan urged activists to reserve their questions until later in the meeting as he attempted to address shareholders.

“Blood on your hands,” activists shouted at the bank’s leaders as they tried to continue the meeting.

Barclays has faced similar disruption to investor meetings in recent years, especially over its climate policies.

A group of 24 investors with $1.24 trillion in assets under management, including the Church of England Pensions Board and Rathbones Group, called on Barclays in a letter to restrict finance to all companies exclusively focussed on fossil fuel extraction, and to expand its commitment to restrict fracking financing to include the U.S. as well as Britain and Europe.

The bank in February committed to end direct financing to new oil and gas fields and to restrict lending more broadly to energy companies expanding fossil fuel production.

But NGO ShareAction, which coordinated the letter, said that still meant the majority of the bank’s lending to fracking could continue.

Responding to a question on fracking, Higgins said the bank’s relationships with fracking companies were subject to enhanced due diligence and community engagement.

The meeting comes after Barclays on April 25 reported its first quarter earnings modestly overshot expectations despite a slump in trading revenues, offering some hope its turnaround plans are on track.

Barclays is trying to restore investor faith in its universal banking business model after years of share price underperformance, clashes with activists over the role of its investment bank, and management turnover.

The path to higher, more sustainable returns will be long, Venkatakrishnan told the shareholder meeting.

(Reporting by Lawrence White and Sinead Cruise; Additional reporting by Virginia Furness; Editing by Mark Potter)