Former Barclays chief executive Bob Diamond has agreed to waive bonus awards and long-term incentive shares worth a potential £20m, the firm's Marcus Agius has told MPs.
Speaking to the Treasury Select Committee (TSC), former chairman Mr Agius confirmed Mr Diamond's bonus waiving.
Mr Agius said: "He is not going to be leaving with £20m.
"He has voluntary decided that and it was his decision to do that."
Mr Agius said there was no dispute within the board or remuneration committee about the issue.
Barclays has also confirmed that Mr Diamond, who is embroiled in the Libor rate-fixing scandal, would receive a pay-off of £1.5m as a year's salary, pension and other benefits.
Mr Agius, who also resigned after the bank was fined £290m by US and UK regulators, said: "I resigned because I felt ultimately responsible for the bank."
Some MPs on the committee voiced their disapproval of the evidence given to the TSC by Mr Diamond last Thursday.
While praising Mr Agius' evidence, chairman Andrew Tyrie said: "We did not feel we had much clarity and openness by Mr Diamond."