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Barclays apologises for remuneration policies

A major UK bank has apologised to its shareholders for the way in which it handled its executive remuneration policies.

Barclays chairman Marcus Agius has admitted his organization communicated its plans to reward members of staff for their work last year poorly and pledged to make improvements in this process in the near future.

During the company's annual meeting, Mr Agius said the financier would look to make amends by distributing higher dividend to shareholders in years to come.

Mr Agius explained there is a significant minority of shareholders who feel Barclays - which employs more than 140,000 people worldwide - made errors in this regard as it failed to "sufficiently take their views on board".

"I assure you that in the future we will be engaging differently and more purposefully with shareholders in order to ensure that we obtain a broader level of support on remuneration policy," he added.

The official went on to say such changes are likely to include a hike in the dividend awarded to such individuals.

By Asim Shah