Cayman fund and pay cause rowdy bank AGM
(Guardian): Barclays endured protests about its pay and dividend policies at a rowdy annual meeting as it reported a 9% fall in first-quarter profits and a further restructuring of the complex Cayman Islands fund that manages its most toxic assets. Bob Diamond had been braced for a row over his potential £27m pay deal at his first meeting as chief executive. One shareholder questioned his suitability to hold the role as he had previously run the "gambling" Barclays Capital arm. The bank’s shares fell 4% in early trading after £1.65bn of profits disappointed investors.
At the annual meeting at the Festival Hall in London, investors will vote on 24 resolutions, including three related to pay: the remuneration report, a new deal for directors that involves paying them in complex new financial instruments known as contingent capital or "cocos", and changes to the long-term incentive plan.
Category: Business
