Barclays faces a barrage of shareholder anger over excessive pay following another troubling year for the bank.
Two of the country’s biggest shareholder advisory groups – Pirc and the Local Authority Pension Fund Forum – are urging investors to reject the bank’s remuneration report.
A big vote against the pay plans would be particularly embarrassing for Jenkins, who has promised to clean up the bank and bring an end to the culture of excess cultivated by his predecessor Bob Diamond.
The bank has infuriated investors by raising the bonus pool by 10% to £2.38bn despite a 32% cent fall in profits. Investment bankers received a 13% increase to their bonuses – pocketing an average of more than £60,000, although those perceived to be star performers will have received far more.
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