Standard Life Investments has taken the unusual step of criticising Barclays during its AGM, attacking the bank over its latest remuneration proposals amid a fiery meeting.
The group, a top ten shareholder in the group, according to S&P Capital IQ, publicly condemned the size of the bank's proposed bonus pool following a year of upheaval. Barclays has proposed increasing its bonus pool by 10% to £2.4bn for 2013 despite pre-tax profits falling 32% to £5.2bn. The move saw the bank come in for fierce criticism at its AGM today. Alison Kennedy, governance & stewardship director at SLI, said: "On behalf of our clients, we have today instructed our proxy to vote against Resolution 2, the approval of the remuneration report. "We did not take this decision li...
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