- 18 updates
Barclays shareholders discuss the bank's annual meeting where 27% of investors voted against the remuneration report over top pay, with abstentions on the vote increasing that figure to 32%.
Almost a third of Barclays shareholders failed to back the bank's bumper pay deals at today's remuneration report.
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.
Bob Diamond has told a Barclays shareholders meeting that "pay is clearly important because it is a big part of the cost base".
He added that it was important to balance the "pace of change with attracting the best people".
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:
The Telegraph is reporting that as many as a third of shareholders are set to vote against the remuneration report for executive pay presented by Barclays bank.
In order to quell the shareholder revolt Barclays chair Marcus Agius will take the "unprecedented" step of apologising to shareholders, and pledging to give them, and not their own execs, better cash returns.
In a bid to calm shareholder anger against the pay and bonuses awarded to top staff within Barclay, chairman Marcus Agius, is expected to apologise and pledge to 'realign' payouts in favour of shareholders.
He is also set to insist that the bank does accept "the new reality" of post-crash banking.
Latest ITV News reports
In normal times more than 10% of shareholders rejecting the pay deal crafted by a FTSE 100 company would be unusual and embarrassing.
Barclays shareholders 'heckle' and 'probe' bosses over the pay of its chief executive Bob Diamond at the bank's annual meeting.