The Hot Button Questions:- Money, Banks, & the Economy Message Board

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Pastimes : The Hot Button Questions:- Money, Banks, & the Economy

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To: maceng2 who wrote (259)	4/24/2003 5:56:34 PM
From: maceng2	Read Replies (1) of 1417

Barclays shareholders revolt over executive pay ananova.com Barclays Bank has became the latest company to face a shareholder rebellion over executive pay arrangements. Almost three out of 10 of the larger shareholders registered dissent over rewards for top executives ahead of today's annual meeting. The vote follows a shareholder rebellion at oil giant Shell on Wednesday when a protest on executive pay attracted 23% of the vote. Based on proxy votes on behalf of the larger shareholders ahead of the meeting, 28% either abstained or voted against a motion backing the bank's remuneration arrangements. Meanwhile 13% of proxy voters followed a call to abstain in a vote to re-elect chief executive Matthew Barrett while a further 5% voted against. The National Association of Pension Funds whose members own about one-fifth of the stock market through their investments had called for abstentions in both votes. The association is angry at a so-called "golden parachute" clause in Mr Barrett's contract which grants him up to twice his annual package in the event of a change of control at the bank. Last year Mr Barrett received £1.7million in salary, bonus and other benefits. A NAPF spokesman said today: "We hope Barclays will draw the right lessons from this vote and look to improve their remuneration arrangements in the future." Under new arrangements companies now have to put their remuneration report which sets out the details of executive's salaries and bonuses to a vote at their AGM.

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