Pay and display

11 April 2012 By George Hay Follow @gfhay

The UK bank faces a potentially toxic protest vote against seemingly unjustified bonuses for CEO Bob Diamond and CFO Chris Lucas at its AGM. Barclays tends to tough out such rows. But this time it could mitigate its fault by being an early adopter of proposed UK pay reforms.

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The Association of British Insurers has issued a so-called “amber-top” warning ahead of Barclays’ annual general meeting, due to take place on April 27.
The warning means that the ABI, which represents UK institutional investors, considers that there are areas of Barclays’ remuneration policies for 2011 that shareholders should carefully examine before voting in favour at the AGM. But it stopped short of a “red-top” warning, when it flags fundamental breaches of its principles.
BlackRock, which holds a 6.4 percent stake in Barclays, engages an independent fiduciary to vote at the UK bank’s shareholder meetings.

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