Barclays AGM rocked as SLI attacks bank over bonuses

Standard Life Investments has taken the unusual step of criticising Barclays during its AGM, attacking the bank over its latest remuneration proposals amid a fiery meeting.

The group, a top ten shareholder in the group, according to S&P Capital IQ, publicly condemned the size of the bank's proposed bonus pool following a year of upheaval. Barclays has proposed increasing its bonus pool by 10% to £2.4bn for 2013 despite pre-tax profits falling 32% to £5.2bn. The move saw the bank come in for fierce criticism at its AGM today. Alison Kennedy, governance & stewardship director at SLI, said: "On behalf of our clients, we have today instructed our proxy to vote against Resolution 2, the approval of the remuneration report. "We did not take this decision li...