Barclays investors urged to reject pay award

London - Barclays shareholders should reject the British bank's remuneration policy, as pay for chief executive Antony Jenkins is "excessive", a shareholder advisory group said on Wednesday.

Pirc, an independent group that says it offers advice to institutional investors with assets of more than £1.5trn, said shareholders should oppose Barclays' remuneration report at the annual meeting on April 23.

More than a third of Barclays' investors didn't back its pay policy at a stormy shareholder meeting last year after the bank increased bonuses for 2013 despite profits falling. It cut bonuses for 2014 and there is not expected to be a backlash against its overall pay this year.

Pirc's grievance is over pay for Jenkins, who received £5.5m last year, including a salary of 1.1 million and the same in bonus.

"The CEO salary is considered to be above the upper quartile of its comparator group. In addition, the maximum opportunity (as percentage of salary) under all incentive schemes for the CEO is considered excessive," Pirc said.

Barclays declined to comment.