(Reuters) -British lender Barclays is proposing to slash CEO CS Venkatakrishnan's fixed pay, which will see his maximum earnings capped at just over 14 million pounds ($17.3 million), according to a Sky News report on Thursday.

The UK-headquartered bank is proposing to nearly halve the amount of money guaranteed to CEO CS Venkatakrishnan each year while capping his maximum pay package at £14.3m, Sky News can exclusively reveal.

Barclays is proposing to overhaul how it pays its chief executive CS Venkatakrishnan in a move that would slash his fixed pay but hand him £9mn if the lender hits its profitability targets. The British bank wrote to investors this week outlining plans to change how it pays Venkatakrishnan and the group’s finance director Anna Cross,