If the “back us or sack us” call from Barclays directors were to end in tears next spring, perhaps they could turn to the stage. For the UK bank has delivered a riveting piece of corporate theatre. To try to appease shareholders before their vote next week on its capital-raising, Barclays said on Tuesday that all board members would offer themselves for re-election at the annual meeting in April. The bank’s rejection of the government offer of capital in favour of the controversial funding plan has merit. But Barclays is to blame for letting investor relations deteriorate to the point where this gesture made sense.

As dramatic gestures go, the prospect of voting out the entire board is a good one. But it is little more than a gimmick, as directors must know. It is most unlikely that in five months’ time even the crossest investors will want to risk decapitating Barclays, reducing the value of their own shares.