Barclays’ shareholders are being advised to vote against the bank’s remuneration report at its Annual General Meeting to be held on the 30th April.
The recommendation comes from PIRC, a leading research and advisory consultancy that provides services to institutional investors on corporate governance and corporate social responsibility.
According to reports, the firm is advising its clients that the rewards offered by the bank are “potentially excessive”, highlighting the case of Barclays’ president, Bob Diamond.
Last year, Mr Diamond received £26 million from the sale of Barclays Global Investors together with a long-term share award said to be the equivalent to 2400% of salary.
Earlier this month, Business Secretary Lord Mandelson made a personal attack on Mr Diamond describing his level of earnings as “the unacceptable face of banking”.