Thursday, 24 April 2014

Barclays share price: Bank under fire over pay policy

Otmane El Rhazi, Thursday, April 24: Barclays (LON:BARC) has faced fierce criticism at the bank’s annual general meeting (AGM) today. Shareholders voted on the bank’s 2013 bonus pool proposal amid rising anger over its plans to increase staff remuneration by 10 percent to £2.38 billion, despite a drop in profits of over 30 percent and unchanged dividends.

Standard Life, which owns 256 million shares, or a 1.5 percent stake in Barclays, has led shareholder opposition to the move, announcing that it will vote against the plan. The company’s governance and stewardship director, Alison Kennedy, said that the planned bonus increase had not been in the best interest of shareholders and had hurt the Barclays’ reputation.

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