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.
In normal times more than 10% of shareholders rejecting the pay deal crafted by a FTSE 100 company would be unusual and embarrassing.
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