Vote down executive pay at Barclays and Standard Chartered, investors told

theguardian.com:

Barclays and Standard Chartered face the prospect of rebellions over executive pay after an influential adviser said investors should vote down pay and pensions packages for executives at the FTSE 100 banks.

Investors should defy directors and reject higher base pay for Barclays’ new chief executive and potentially “excessive” pension awards at Standard Chartered, according to Glass Lewis, which advises investors such as pension funds on how to vote at annual meetings.

Big companies across the world faced a wave of investor rebellions on pay at annual meetings in 2021 as investors objected to executives profiting during the first year of the pandemic. However, some executive pay packets are expected to rebound in 2022 as bonuses kick in again, and scrutiny is expected particularly in light of the soaring cost of living hitting customers and employees.

NatWest Group, formerly known as Royal Bank of Scotland, is also under pressure after the proxy adviser this month said shareholders should vote down the government-backed bank’s pay policy because of increased potential rewards for bankers.

Barclays boss CS Venkatakrishnan – known as Venkat – was promoted to chief executive in November after the resignation of Jes Staley. Staley stepped down when the UK City regulator raised questions about his description of his links to Jeffrey Epstein, the convicted paedophile and former financier who died in prison in 2021 while awaiting charges of sex trafficking.

Venkatakrishnan’s fixed pay was set by Barclays’ remuneration committee at £2.7m, about 12.5% higher than Staley’s. On top of that Venkatakrishnan would also be eligible for a long-term incentive plan worth a maximum of 140% of his salary, or about £3.8m.

While the Barclays vote