Barclays boss offers to change bonus terms

Barclays boss Bob Diamond moved to quell a shareholder rebellion today by offering to change the terms of his £2.7m (€3.3m) annual bonus.

Ahead of next week’s annual meeting, Mr Diamond and group finance director Chris Lucas have agreed not to receive half of their all-shares bonus award for 2011 if certain performance targets are not met within three years.

The concession comes amid mounting shareholder fury over a £5.7m (€6.94m) tax payment made on Mr Diamond’s behalf and growing concerns over his bumper pay deal.

But the move, which threatens to dock Mr Diamond’s overall pay for last year by £1.35m (€1.64m), does not address previously-awarded long-term incentives which push up his total pay package to some £17.7m (€21.5m).