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News

Shareholders Urged to Vote Against Bonus for Barclays Boss After Missold PPI Scandal

According to a shareholders advisory group, one of the men at the heart of the missold payment protection scandal deserves no bonus whatsoever. Pensions and Investors Research Consultants (Pirc) have advised shareholders to vote against giving Barclays boss Bob Diamond his end of year payout.

Despite not being the top earner at the bank, Mr. Diamond is entitled to a payout of £6.3million in pay and bonuses for 2011, which included one single bonus of £2.7million, but shareholders are being urged to vote against the payment at a meeting on 27th April.

Shares are currently 26% down compared to this time last year and the Pirc report said that “Considering Barclays’ shares are trading far below net asset value, we cannot think of any circumstance where a director who was part of getting the company into the position they’re in deserves a bonus at all, and the board should be looking to claim the money back, not give it out.”

Lloyds TSB cut £2million from bonuses paid to 13 of their executives including former chief executive Eric Daniels, over payouts for missold payment protection insurance, and shareholders are expected to demand similar of the Barclays group.

The net asset value that Pirc mentioned refers to the value of a firm’s underlying assets once liabilities have been accounted for and is a measure on return on investment.

The Association for British Insurers also made comments to shareholders of a similar nature, but the bank said that they have been engaging with shareholders in the past few weeks and are not anticipating there to be any problems.

The Financial Services Authority is already investigating Barclays over missold complex financial contracts called swaps to business clients.

Posted by Chris White on 13 Apr 2012

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