Barclays investor pay revolt

Barclays has been stung by shareholders after nearly a third of their votes failed to back the bank's bumper pay awards.

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ABI Investment Committee Chairman: 'vote shows investor concern'

Today’s outcome clearly shows the investor concern with the company’s remuneration policy. Investors take executive pay very seriously. Getting it right is an important part of a successful company. All banks face a challenge to improve their investment case by getting a better balance of returns to shareholders, payments to employees and capital retention.

We welcome the Chairman’s promise to engage more closely with shareholders and we will continue to work with the company on improving the investment case.

– Robert Talbut, Chairman of the ABI Investment Committee

Barclays embarrassed by vote over top pay

Almost a third of Barclays shareholders failed to back the bank's bumper pay deals at today's remuneration report.

27% of shareholders voted against Barclays remuneration report today. Credit: REUTERS/Alessia Pierdomenico/Files

The bank's heated annual meeting revealed that 27% of investors voted against the report, while abstentions on the vote increased that figure to 32%.

24% of voters also failed to back remuneration committee chairman Alison Carnwath.

Chief executive Bob Diamond sparked anger among shareholders when it emerged he would receive £17.7 million in salary, bonus, benefits and vested long-term share awards last year, despite admitting his bank's performance was "unacceptable" in 2011.


'Unprecedented' apology from Barclays

Marcus Agius will apologise to shareholders this morning for mishandling the pay of its top executives.

In a speech seen by ITV News last night Agius will say:

Evidently, we have not done a good enough job in articulating our case: on some matters we should have communicated earlier and more clearly.

For this I apologise and I assure you that in the future we will be engaging differently and more purposefully with shareholders in order to ensure that we obtain a broader level of support on remuneration policy and practice.

– Marcus Agius, chairman of Barclays
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