They are furious that
Investors will not cast their votes until much closer to
A significant 'no' vote would be damaging to
Under reforms introduced by
"We have been made to look like fools," said one major investor.
"The pledge last year was that pay would come down. The fact that it is heading in the opposite direction means that it is impossible to trust the company."
The anger being expressed by investors is likely to be vented at meetings scheduled in the coming weeks between institutions and
A number of shareholders also plan to seek talks with Sir
"The results were underwhelming with the news on the dividend a disappointment," another fund manager said.
"While shareholders are pleased to see the commitment to addressing the cost base, there is still disappointment with the split of returns between staff and shareholders."
The disappointment felt by investors could manifest itself in a vote against Sir
In last year's annual report, Sir John wrote that 2012 would be a "turning point" in
"For 2012 and in future we are taking a different approach to the balance between Directors’ and employees’ remuneration, and returns for shareholders.
"We have been justifiably criticised for failures to engage effectively with and explain our decisions to shareholders and the wider public, as well as on some occasions being criticised for the decisions themselves."
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