By Jeff Prestridge
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AS Barclays reeled from an unprecedented rebellion among shareholders last Friday, the new boss of the Association of British Insurers told Financial Mail that banks must ‘urgently correct’ the balance between remuneration, returns to shareholders and capital retention.
Warning: Association of British Insurers boss Otto Thoresen hit out at outrageous boardroom pay
Otto Thoresen hit out at outrageous boardroom pay after 27 per cent of shareholders at Barclays’ annual general meeting voted against the directors’ remuneration, including the £17.7million package awarded to chief executive Bob Diamond.
Thoresen, head of an organisation that represents some of Britain’s biggest investors, said: ‘Investors take executive pay very seriously. It is crucial there is the correct balance of returns to shareholders, payments to employees and capital retention to support the investment case for all banks.’
He added: ‘There now needs to be a clear alignment of boardroom reward with long-term sustainable growth of the economic value of the company.’
Simon Walker, director general of the Institute of Directors, said: ‘Barclays is paying three times more in bonuses to top executives as it pays in total dividends to all shareholders, which is basically the pensioners of this country.’
Alison Carnwath, chairman of the remuneration committee that set the Barclays board’s pay levels, was also targeted, with more than 23 per cent of shareholders voting against or abstaining in her re-election.
Shareholder uprisings are becoming the theme of this year’s season of bank annual meetings.
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Only one word comes to mind regarding this group of people GREED and I would like them to explain to others why they seem to think they need this excessive pay depriving their companies of the money which could be used for better purposes no job deserves this sort of .money which doesn't always buy the best things in life back like your health and happiness
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I see ABI boss Otto Thoresen is hitting out at outrageous boardroom pay.Will he also be hitting out at the outrageous fees charged by the UK pensions industry.This industry takes out up to £67.2 bn a year in fees from our pension pots,does he consider this acceptable.Why are UK pension fund managers paid so much,when more often than not they return so little for their investors?
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