The Daily Mail reports that the lender (down 3.25p to 238.6p) sparked outrage by hiking its bonus pool by 10% to £2.38bn despite a 32% fall in profits last year and a £5.8bn emergency rights issue to beef up its finances.
With just over two weeks before its annual general meeting on April 24, shareholder advisory group Pirc turned up the heat.
It praised the decision of chief executive Antony Jenkins to waive his bonus for the year and said the bank’s remuneration report has ‘good disclosure’.
But it criticised the decision to increase the bonus pool, ‘given the relatively lower performance of the bank.’
It also raised concerns about the introduction of new ‘role based’ fixed payments to senior staff to dodge the new EU bonus cap, which was introduced in January.