Barclays shareholders are revolting...

[scorza]

http://www.independent.co.uk/news/b...der-revolt-over-bob-diamonds-pay-7627230.html

... over the issue of executive pay. It will be interesting to see how this plays out, if the named shareholders in that article do vote against the board or whether the charm offensive that's no doubt in progress will change their minds.

Of course, even if Standard Life, Aviva et al do vote against the proposed remuneration packages I don't think there'll be an overall no vote , not least because a major Barclays shareholder is sinister New York based Private Equity group BlackRock who are unlikely to vote against the board. Coincidentally Barclays CEO Bob Diamond is on the board at BlackRock.

 

[Destination]

Interesting, one might have considered that a conflict of interest, but nm.

 

[Amp34]

Reading that article it seems to suggest the biggest issue is the payment of Diamonds tax bill for relocating. To me that question would depend on whether he was asked to move or whether he wanted to move back to the UK... The former are relocation expenses the company should be paying, the latter rather more questionable.

 

[Deleted member 66701]

The former are relocation expenses the company should be paying, the latter rather more questionable.

Why? Hardly anyone else in the private sector gets relocation expenses.

If we want to bring the public sector into line with the private sector then we need to ensure the private sector works the same as a whole initially.

We can't have the race to the bottom just affecting the public sector can we?

 

[Amp34]

Why? Hardly anyone else in the private sector gets relocation expenses.

If we want to bring the public sector into line with the private sector then we need to ensure the private sector works the same as a whole initially.

We can't have the race to the bottom just affecting the public sector can we?

I think the cravet "which industry" comes to mind here. Relocation expenses are common in my industry, even for new starters, same with a lot of professional industries. For higher positions relocation expenses are very common throughout the private sector... If your company asks you to relocate to another country or area then why shouldn't the company pay some of your relocation expenses?

 

[RDM]

Why? Hardly anyone else in the private sector gets relocation expenses.

I know quite a few companies that offer relocation expenses, seems to be fairly common in the private sector.

 

[chameleon]

These protest votes almost never work. I think there was a British gas one a while back where nearly every person voted against something but the big block votes were owned by big companies do it sailed through no problem.

 

[The Halk]

This is very much needed, the government made some noises about oiling the cogs to make it easier for shareholders to veto bonuses and pay awards, this is about as clear cut an example as we're going to see. If shareholders don't veto his bonus, then the government need to explore options.

 

[Em3bbs]

I know quite a few companies that offer relocation expenses, seems to be fairly common in the private sector.

This is my experience too and unlike amigafan2003 I've actually worked overseas with a lot of other expats.

 

[George Hincapie]

If we want to bring the public sector into line with the private sector then we need to ensure the private sector works the same as a whole initially.

Why on earth would we want to do that? Surely it's better to keep Public & Private sectors completely distinct?

 

[Amp34]

Also what has the public sector got to do with a private bank? Amigafan appears to be bringing stuff in not remotely relevant to the conversation...

 

[Deleted member 66701]

Also what has the public sector got to do with a private bank? Amigafan appears to be bringing stuff in not remotely relevant to the conversation...

But I thought were were all supposed to be jealous of those with better benefits?

Is that not how it works?

 

[Amp34]

But I thought were were all supposed to be jealous of those with better benefits?

Is that not how it works?

Not that I know of... Do you have something to declare?

Or is this about teachers striking? In which case no, again... That is to do with a lack of money and selfishness amongst the strikers I think you'll find...

 

[Psiko]

http://www.independent.co.uk/news/b...der-revolt-over-bob-diamonds-pay-7627230.html

... over the issue of executive pay. It will be interesting to see how this plays out, if the named shareholders in that article do vote against the board or whether the charm offensive that's no doubt in progress will change their minds.

Of course, even if Standard Life, Aviva et al do vote against the proposed remuneration packages I don't think there'll be an overall no vote , not least because a major Barclays shareholder is sinister New York based Private Equity group BlackRock who are unlikely to vote against the board. Coincidentally Barclays CEO Bob Diamond is on the board at BlackRock.

It will be interesting to see how this pans out. The ABI, which represents UK institutions, has issued a warning ahead of the AGM which could affect the vote. BlackRock uses an independent fiduciary to vote, so the fact that Diamond is on the board should have no effect. Altogether there could be a lot of no votes if all the UK institutions vote against. On the other hand Barclays has some large sovereign wealth shareholders who are less likely to care about executive pay.