SLI on Barclays bonus snub: "Our patience has been exhausted"

Standard Life Investments' head of global equities David Cumming has said the group has finally lost patience with banks over bonuses, prompting last week's shock decision to publicly oppose Barclays' remuneration plans.

The group - one of the largest shareholders in Barclays and many other institutions - stunned last Thursday's AGM with a clear protest vote condemning the group's bonus plans. Alison Kennedy, governance & stewardship director at SLI, told the audience of mostly private shareholders: "We are unconvinced that the amount of the 2013 bonus pool was in the best interests of shareholders, particularly when we consider how the bank's profits are divided amongst employees, shareholders and ongoing investment in the business." The no vote was ultimately unsuccessful, with Barclays getting the ...