Barclays rocked by fresh row over tax The scale of last year's tax equalisation payment caught some investors by surprise, even though such clauses are common among FTSE 100 companies and the details were available in Mr Diamond's contract. Barclays chairman Marcus Agius is understood to have been taken aback by the strength of the backlash after a number of major institutional investors, including Standard Life and Scottish Widows, threatened to vote against the bank's remuneration report. The bank's board will hold a number of meetings this week to reassure shareholders ahead of its AGM on April 27. Board members are expected to provide reassurances about consulting investors in future on large payments for top directors and also about offering greater returns. The bank will likely also point out that Mr Diamond's pay will fall by about three quarters in 2012. Last year, he earned almost £18m. However, it was boosted by windfalls from three long-term incentive plans - one of which was agreed when he was chief executive of Barclays' investment bank. This year, his total remuneration package is likely to be around £5m as he is due to receive very few payments under long-term incentive schemes. Mr Diamond agreed not to participate in a three-year long-term incentive plan in 2009 during the height of the financial crisis. Had he participated, that scheme would have paid out last month. However, the board is unlikely to agree action against awards already made for last year. Investor group Pirc has said Mr Diamond shouldn't be paid "any bonus at all" after he accepted that the bank's performance had been "unacceptable" in 2011.