Barclays faces backlash over Bob Diamond's pay package

[AtW]

On one hand his pay is outrageous (relative to some) and on the other he could get alot more elsewhere.

His job is to maximise returns to shareholders who are the owners of the bank, somebody commented on the article:

-------------
2011 Bonus pool for employees GBP 1.5 billion.
2011 Amount paid in share dividends 660 million.
-------------

If true (and it looks about right last time I checked) Mr Diamond clearly fails to control costs of the business - for that alone he should be fired, nevermind paying himself high salary.

I am very tempted to buy 1 share of Barclays and actually say all this on their next AGM

[BrilloPad]

Absolutely - I separate my objective economics views and personal hatred for those who denied me a credit card years ago

FTFY

[AtW]

So a totally unbiased opinion from you then?

Absolutely - I separate my objective economics views and personal hatred for dirty spekylants

[BrilloPad]

P.S. Barclays refused to give me Visa debit card when I was a student so there

So a totally unbiased opinion from you then?

[minestrone]

P.S. Barclays refused to give me Visa debit card when I was a student so there

Probably never gave it to you because they thought you are a dodgy eastern European.

[minestrone]

It might have escaped your attention but I am quoting Torygraph rather than Pravda and also hold the view that owners of the company have final say in all matters.

If you think Diamond is going to be out of a job for taking his salary...

[AtW]

PS - Alexei - nice to see you have a day off from SKA. You can go back refreshed tomorrow.....

Working in office just now - on a finishing line to big SKA release, at least Excel modelling suggests we are getting good correlations finally

P.S. Barclays refused to give me Visa debit card when I was a student so there

[BrilloPad]

On one hand his pay is outrageous (relative to some) and on the other he could get alot more elsewhere.

I believe executive car is generally too high - and Bob Diamond is a twunt - but he is probably cheap. I wonder why thse fund managers are having a go at him? Some sort of political agenda?

PS - Alexei - nice to see you have a day off from SKA. You can go back refreshed tomorrow.....

[AtW]

Check out the soviet idiot, trained to get angry when the press tell them to.

It might have escaped your attention but I am quoting Torygraph rather than Pravda and also hold the view that owners of the company have final say in all matters.

[minestrone]

Check out the soviet idiot, trained to get angry when the press tell them to.

[AtW]

In what will amount to a substantial protest vote, four leading investors — Standard Life, Fidelity, Aviva and Scottish Widows — are believed to be preparing to protest against the pay of the chief executive and other senior executives. Between them the four account for 6.45pc of Barclays’ share register.

A number of other leading investors are understood to be ready to support them at the April 27 meeting. The four are believed to be poised to vote against either the remuneration report or the re-election of Alison Carnwath, chairman of the bank’s remuneration committee. They may even vote against both.

Barclays has made considerable efforts to allay the concerns of investors. Mr Diamond, Ms Carnwath and Marcus Agius, the bank’s chair chairman, have held a series of meetings in which the chief executive is believed to have argued that the bank needs to maintain its pay levels if it is to remain in the global top-tier of investment banks

The move by investors could force Barclays to review the way it compensates senior executives. Investors are said to be worried by three separate issues. The £5.75m cost of covering a “tax equalisation” charge for Mr Diamond as part of his £17.7m package is said to have left a number “pretty aghast”. Secondly, the fact that Barclays continues to pay significant bonuses despite Mr Diamond’s comments that last year’s 6.6pc return on equity was “unacceptable” has left investors questioning the compensation rationale.

In addition to Mr Diamond’s package, which included £2.7m of performance-related pay, two other executives were paid £6.7m and £6.5m. They were not named but are understood to have been Jerry del Missier and Rich Ricci, co-heads of Barclay’s investment bank.

Source: Barclays faces backlash over Bob Diamond's pay package - Telegraph

You can't make it up - owners of the bank should fire him as example and hire somebody who can control costs not just at call center outsource level but right to the top.