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Tuesday, 29 April 2014

Tuesday, April 29, 2014 Posted by Hari No comments Labels: , , ,
Posted by Hari on Tuesday, April 29, 2014 with No comments | Labels: , , ,



SOURCE GUARDIAN: Barclays AGM - shareholders large and small protest over pay and bonuses
One in three shareholders failed to support the bank's remuneration report, which showed that bonuses rose 10% despite a 32% fall in profits. The Barclays chairman, Sir David Walker, had promised a year ago to restrain top pay. One private investor, who expressed his irritation at the bank's dividend payments, poor performance and £5.8bn cash call to bolster its finances last year, told the packed AGM: "We're paying for Manchester United but we are getting Colchester United." Annual investor meetings are usually dominated by private shareholders who hold small amounts of votes. But one major City investor, Standard Life Investments, which owns almost 2% of Barclays, spoke out to say it had voted against the pay deals. Alison Kennedy, a director at Standard Life Investments, told the board: "We are unconvinced that the amount of the 2013 bonus pool was in the best interests of shareholders. Walker tried repeatedly to defend the bonus payouts, which resulted in 481 Barclays' bankers being paid more than £1m last year.

SOURCE DAILY MAIL: Osborne blocks taxpayer-owned RBS from doubling bonuses (but staff will still get payouts worth a YEAR'S salary)
Royal Bank of Scotland has been banned from paying bankers bonuses worth twice their salaries by the government. The Treasury said the huge payouts could not be made while the troubled lender was still part-owned by the taxpayer. But staff at RBS will still receive bonuses worth an entire year’s pay, and 77 people will be paid more than £1million. The troubled bank reignited the row over pay in February when it revealed plans for huge bonuses, including £237million for its investment bankers, despite slumping into the red with an £8.2billion loss.

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