Barclays bosses to face shareholder anger at AGM
Barclays bosses will face more shareholder anger over pay tomorrow when the banking giant holds its annual general meeting in London.
It recently defied calls for restraint by hiking its staff bonus pool by 10 per cent to £2.38 billion despite profits falling by a third and plans to cut thousands of jobs.
The AGM comes in the wake of a letter from Business Secretary Vince Cable to the UK's top 100 listed businesses warning them that persisting with high levels of executive pay would be a "dereliction of duty" and damage trust.
Barclays has already announced the appointment of a new director, Crawford Gillies, to chair its remuneration committee in a move to prevent a potential investor revolt. He will succeed Sir John Sunderland at a date to be set.
Shareholder lobby group Pirc had recommended that its members oppose five resolutions at the AGM, including the remuneration report and the reappointment of Sir John.
Pirc is also unhappy that Barclays chief executive Antony Jenkins will receive up to £1 million in share allowances on top of salary and bonuses to defy European rules to cap payouts.
The bank's pay policy has also been criticised by the Institute of Directors, which complained that the bonus pool for 2013 was nearly three times the £859 million paid out in dividends to shareholders.
But Mr Jenkins said recently that the level of pay was necessary in order to retain top talent in its investment banking arm.
Barclays announced the increase in its bonus pool in February despite a 32 per cent drop in annual profits to £5.2 billion. It also confirmed plans to cut up to 12,000 jobs this year, including 7,000 this year, under plans to slash costs across the group.
Since then it has emerged that hundreds more jobs look set to go, mainly at its investment banking arm, after Barclays announces the results of a strategic review which will comes two days after the bank's next trading update in May.
- 1 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 3 Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
- 4 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 5 April Fools' Day 2015: The best hoax news stories from around the internet
Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
April Fools' Day 2015: The best hoax news stories from around the internet
April Fools' Day 2015 live: The best pranks and fake stories from around the world
University of Cambridge: Remains of 1,300 scholars are found under building
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...