Fund groups hit out at Barclays over Diamond tax payout

Standard Life Investments and other major shareholders in Barclays are understood to be preparing to vote against CEO Bob Diamond's pay package after the award of a tax-related lump sum.

According to the Sunday Times, Guy Jubb, head of corporate governance at SLI, criticised Barclays handling of a tax payment triggered by Diamond's relocation from New York to London last year. Diamond (pictured) received a £5.7m "tax equalisation" payment, footed by Barclays, as part of his 2011 remuneration, in addition to the £17m he received in salary, bonus and shares. His payout came as the bank's pre-tax profit fell by 3%, while its share price fell 33% over the course of 2011. "The striking thing is that there was not better communication to signal the tax equalisation payme...