ABI warns on Barclays pay

Marion Dakers
THE ASSOCIATION of British Insurers has voiced concerns about executive pay at Barclays, raising the pressure on the bank over chief executive Bob Diamond’s recent £17m pay award.

The ABI, whose members own 20 per cent of the FTSE All-Share index, has issued an “amber top” warning over the pay, one step down from its most stern “red top” warning on a firm’s policies.

Fellow investor body Pirc said shareholders should vote down the bank’s remuneration package at its annual meeting on 27 April, yet many institutional investors are expected to wave it through.