Barclays has launched a staunch defence of its decision to pay higher bonuses in the face of a shareholder revolt, even as it warned that another poor quarter at its investment bank would hit group profits.
At a heated annual meeting yesterday, more than a third of shareholders refused to back the bank’s remuneration report, reflecting widespread anger among investors who argue that the bank should not have raised bonuses in a year when profits fell by more than a third.
The revolt was led by Standard Life, the bank’s sixth largest investor, which criticised the board for hurting the bank’s reputation and for failing to act in the interest of shareholders.
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