Mortgage News
Barclays shareholders set to vote against executives’ pay
Some Barclays shareholders are expected to vote against the pay of its top executives at the bank’s annual general meeting on Friday.
Shareholders have been angry about the high levels of pay at the bank while its share price has fallen.
There is expected to be significant votes against executives’ pay and the re-appointment of Alison Carnwarth, who chairs the remuneration committee.
Ahead of the vote, Barclays chairman Marcus Agius is set to say the board “accepts remuneration levels have to adjust to the new reality of higher capital and lower returns for the sector”.
Barclays chief executive Bob Diamond received a £1.35m salary and a £2.7m bonus for 2011, plus £2.25m in long-term incentive payments.
However, last week, Diamond and Barclays finance director Chris Lucas agreed they would receive only half of their bonuses awarded for last year until certain targets for the bank had been met.
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