BARCLAYS faces a revolt by shareholders at its annual general meeting later today.
The chairman of Barclays is expected to make conciliatory remarks on the controversial issue of executive pay.
But a 30 per cent vote against the pay deal is expected from angry shareholders and 20 per cent are poised to oppose against the re-appointment of Alison Carnwarth, who chairs the remuneration committee.
"Your Board recognises and accepts that remuneration levels across the industry have to adjust to the new reality of higher capital and lower returns for the sector," Barclays chairman Marcus Agius is to tell the AGM.
"Your Board is committed to continuing to make progress in realigning distribution of income and profits in favour of shareholders as returns improve."
Barclays chief executive Bob Diamond received a £1.35m salary and a £2.7m bonus for 2011, as well as £2.25m in long-term incentive payments.
The AGM will begin at London's Royal Festival Hall at 11.00am.
The meeting is expected to last about two hours, but the results of the votes will not be announced until mid-afternoon.
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