Yesterday, Barclays’ shareholders approved its previously announced proposal to raise more than £7 billion of new capital from new and existing investors. In addition, following criticism from its shareholders, last week Barclays made available £500 million in reserve capital instruments to institutional investors and concluded the placement the next day.

In his remarks, Barclays’ Chairman, Marcus Agius, addressed the reasons Barclays rejected the U.K. Government’s offer of capital under its recapitalization plan, citing specifically “dividends [policy], capital allocation, risk management and future returns.” The proxy votes cast in advance of the general meeting were sufficient to achieve a majority in favor of the capital raise.