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April 28th, 2012 
FAKE NEWS for the Zionist agenda
By
James Salmon
15:25 EST, 27 April 2012
|
15:25 EST, 27 April 2012
Small shareholders yesterday mounted one of the biggest rebellions against bankers’ bonuses since the start of the financial crisis.
At a fiery meeting in the Royal Festival Hall in London, investors holding almost a third of shares in Barclays refused to back the pay and perks awarded to its senior executives.
Shareholders, many of them pensioners who have banked with Barclays for years, queued in the rain to attend the general meeting and register their disapproval.
Target: Bob Diamond with the Duchess of Cambridge. He has come under fire for his package worth up to £26.6million
More than two billion votes – just
under 27 per cent of those cast – were against top pay at the bank,
which included a package worth up to £26.6million for chief Bob Diamond.
More than half a million voters abstained, taking the proportion that refused to support pay at Barclays to 31.4 per cent.
Investors, ranging from members of the
public to pension funds and powerful companies, have one vote per
share. Last year the protest vote came in at less than 10 per cent.
Deborah Hargreaves of the High Pay Centre think-tank said: ‘This is the biggest rebellion we’ve seen since the financial crisis.
‘This is a huge protest vote but Barclays can just ignore it. This shows why we need to give shareholders more powers.’
The vote came on the day that the
Commons Treasury select committee outlined details of its probe into
remuneration in the financial services sector.
Business Secretary Vince Cable is
leading attempts to push through legislation which will give
shareholders powers to block excessive payouts.
Tom Powdrill, of shareholder lobby
group Pirc, said: ‘This is a humiliating result for Barclays – it needs
to take this revolt seriously and outline what it plans to do about it.’
Marcus Agius, the bank’s chairman, apologised to shareholders and said
he recognised the issue of pay was ’emotive’.
But he defended chief executive Mr
Diamond’s multi-year package and said the bank needed to award large
bonuses to attract the best people.
‘We recognise the reputational damage
caused by the remuneration debate and should have done a better job to
communicate with shareholders,’ he said. ‘We will strive to do better
next year.’
Barclays has become a lightning rod
for criticism after paying bumper awards to senior executives last year
despite a drop in profits.
Shareholders, usually reluctant to
raise objections to huge bonuses, are incensed that the bank paid Mr
Diamond £5.75million to cover a US tax bill.
Another £2.15billion was paid in bonuses, compared with £730million handed to shareholders last year.
Mr Diamond stood up to defend the distribution but was booed by one member of the audience.
He said that bonuses had been reduced by 25 per cent across the bank last year despite profits falling only 3 per cent.
While saying he recognised
shareholders’ concerns, he insisted: ‘We need to balance the pace of
change with ensuring we attract the best people.’
Mr Agius said the board was united in its desire to increase dividends for shareholders.
Scrutiny: Bob Diamond is facing mounting pressure over his pay
But this failed to placate one member
of the audience, who referred to the bank paying more in bonuses than in
dividends last year.
He said: ‘This gives the impression
that you are not trying to create value for shareholders but see
Barclays as a cow to be milked by executives.’
David Paterson, of the National
Association of Pension Funds, said: ‘The vote may have been passed, but
the level of dissent about executive pay at Barclays needs to be taken
seriously by the company and by the rest of the banking industry.
‘Boardroom pay in the sector needs to be better aligned with the long-term interests of shareholders.’
Reacting to the vote, Lord Oakeshott, a
Liberal Democrat peer, said: ‘It’s a good day for democracy. Diamond
and all overpaid big businessmen have felt the heat of shareholder fury
and public disgust.’
Stephen Williams, of the Liberal
Democrat Parliamentary Treasury committee, said: ‘The level of dissent
about executive pay at Barclays is clear and not confined to just one
bank. Boardroom pay is excessive and unsustainable.’
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‘and should have done a better job ‘ says Marcus Agius, the bank’s chairman.
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Correct, should have done a better job all round, but you didn’t Mr Agius, nor did any of your expensive ‘Top people’ who would struggle to run a successful whelk stall judging by their ‘service’ to customers.
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Dont trust these banks anymore…they have destroyed this country and we need to let them know we are having no more …Game over… time to bring a new national bank into the fray and all get our employers to pay into the new bank.They have broken this country now lets break them.
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B U T M – it’s the new investment option, safer than the banks.
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Bankers get bonuses so why don’t the shareholders?
After All if everyone who held the Barclay’s shares sold the same day, the company will collapse!
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Thisa with their awful customer service is why I have moved by personal and business accounts to Bank Under The Mattress
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