Barclays faces backlash over Bob Diamond's pay package Finally, there is said to have been considerable debate about what one source said was "the share of the cake" - capital, dividends and remuneration - and returns for investors versus employees. "A number of shareholders are fairly exercised about Barclays" pay policy," said one top 10 shareholder. Another said Barclays failed to consult properly before releasing the remuneration report. "I think there's a very good chance that more than 10pc of investors will vote against," said a leading fund management source with knowledge of the investor meetings. Another investor pointed to the ratio of capital spent on employees versus shareholders, and described that as the "ultimate problem." Pay has been an issue for Barclays for some time. Last year's remuneration report received support from 90.3pc of those who voted. Long-awaited pre-meeting guidance from PIRC, the corporate governance watchdog, is likely to be negative on pay. The investment committee of the Association of British Insurers is also due to discuss its final findings, with its report expected shortly. In February Robert Talbut, chairman of the ABI investment committee, warned that Barclay's compensation pool was "not the signal of the change required in order to improve the investment case." Given the strong language, it is possible the ABI will issue a "red top" alert, its strongest possible censure, recommending that its members vote against the pay report and Ms Carnwath's re-election. A Barclays spokesman declined to comment.