Barclays Will Agree To Disagree On Executive Comp

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The atmosphere at the [shareholder] meeting was hostile from the start and the speeches were repeatedly interrupted by hecklers. Bob Diamond was booed as soon as he stepped on the stage to take his seat, and when Chairman Agius said Barclays had “made progress” over the last two years in accepting that “remuneration levels across the industry have to adjust to the new reality,” the audience burst into laughter. But Mr. Agius defended Mr. Diamond’s £6.3 million ($10 million) pay for 2011, saying he met almost all his targets in a difficult market environment. Alison Carnwath, who is chairwoman of the remuneration committee on the board, also defended the pay decisions but acknowledged that it was “clear that this view is not shared by all shareholders.” [Dealbook]

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