Shareholder vote 'humiliating' for Barclays

Almost a third of Barclays shareholders failed to back the bank's bumper pay deals at today's remuneration report. Photo: REUTERS/Suzanne Plunkett

In so many ways, these are not normal times. Nearly 27 percent of those voting rejected the package, including Bob Diamond's £6.3 million 2011 payments.

Include abstentions, and nearly 32 percent of shareholders did not back the board.

This is humiliating for Barclays, one of the most powerful institutions in the world. It will not change the pay deals of those top executives this year, but it is a significant warning for Barclays and other companies who think that they can pay what they like without shareholders taking action.

Shareholders rejected Chief Executive, Bob Diamond's payments last year. Credit: REUTERS/Luke MacGregor

Coming on the last day of the government's consultation on executive pay, it could not be a more timely message from the ordinary investor to the boardroom.

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