More than a quarter of the votes cast at Barclays' annual general meeting (AGM) were in opposition to approving the bank's remuneration report for 2011.
Institutional investors flexed their muscles at the AGM, expressing their displeasure at what they saw as out-of-proportion rewards, despite efforts by Barclays chairman, Marcus Agius and the Remuneration Committee's chairman Alison Carnwath, to defuse the issue (see earlier item entitled "Barclays vows to tilt rewards balance towards shareholders").
Votes cast against the remuneration report came from shareholders representing more than 2bn Barclays shares, representing 26.9% of the votes cast.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Marcus Agius, despite being heckled at the AGM, saw only token resistance to his re-election to the board, with 96.12% of the votes cast being in favour, but Carnwath's re-election saw a much larger protest vote and may raise questions about her ability to remain in the position. Just over one-fifth (20.85%) of the votes cast were opposed to Carnwath's re-election.
-
Who is the richest person in the world?The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
-
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
