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ABI warns on Barclays pay
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.