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Barclays facing shareholder revolt over Diamond pay

Barclays is facing a shareholder revolt over chief executive Bob Diamond’s £17.7m pay packet after the Association of British Insurers issued an “amber top” alert to its members over the deal, according to reports.

The ABI has reportedly questioned a £5.75m contribution by Barclays to settle a tax bill Diamond (pictured) incurred when he moved from the US to the UK to take the job last year.

An amber top alert is the second most serious warning the ABI can issue. A “red top” alert is the most serious.

Investor group Pensions & Investment Research Consultants is also said to have advised its members to vote against Barclays’ remuneration report at the bank’s annual general meeting later this month.

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