Barclays faces shareholder revolt over Bob Diamond's pay

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Barclays faces shareholder revolt over Bob Diamond's pay

Post by Irn Bru on Sun Apr 08, 2012 9:26 pm

A shareholder revolt over the pay of chief executive Bob Diamond is set to hit banking giant Barclays at its annual meeting later this month.

It has been reported that investors holding more than 10% of the company's shares will vote against the bank's remuneration report on April 27.

The sizeable protest vote reflects anger over a £5.7 million tax payment made on Mr Diamond's behalf as part of an overall package of pay and bonuses worth £17.7 million, the Sunday Telegraph said.

The award of significant bonuses that reportedly included more than £6 million for the co-heads of Barclays Capital came despite Mr Diamond's admission that the bank's return on equity - a key performance measure - was “unacceptable”.


No doubt the usual cap-doffers will be around to defend Bob the Banker and his cronies with their obscene raid on the money pot which they feel they can dip into whenever they need a few 'bob' to top up their telephone number salaries.

http://www.independent.co.uk/news/business/news/barclays-faces-shareholder-revolt-over-bob-diamonds-pay-7627230.html

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Irn Bru
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