Bob Diamond under fire over executive pay

A group of Barclays investors has told its members to veto plans to pay chief executive Bob Diamond £17.7m in pay and bonuses.

Pensions and Investment Research Consultants (PIRC) has asked its members to vote against the plans laid down in the bank’s remuneration report, according to the Daily Mail.

PIRC said the bank should also consider reclaiming some of the bonuses already paid out because of its role in mis-selling payment protection insurance (PPI).

A PIRC report said: “In view of the fact that Barclays’ shares are trading far below net asset value, we cannot think of any circumstances in which a chief executive who was part of a team when the bank got into that predicament should be receiving any bonus at all.

“Indeed, the board should also be considering claw-backs itself.”