Barclays' board spent more of its time last year managing the UK bank's capital than on takeovers, including Lehman Brothers, and formulating or implementing strategy combined, as it held a string of extra meetings to discuss hostile market conditions and key fundraisings.

Barclays' annual report, published today, revealed that the UK bank's board of directors - including chairman Marcus Agius, four executive directors as well as the non-executive board contingent - spent a third of its time on capital management, more than was spent on any other issue.