The Association of British Insurers (ABI) has joined the shareholder revolt over Barclays chief Bob Diamond's £17.7m pay deal.
The ABI has issued an "amber top" alert to members on the pay package.
The body, which represents the interests of the country's biggest life insurers and investment funds, specifically questioned a £5.75m contribution by Barclays towards settling a tax bill Diamond incurred when he moved to the UK last year.
The amber top alert is the second most serious warning the ABI can issue, the Daily Telegraph reports. An amber warning highlights the issue to members, who should then consider voting against the proposal.
Barclays is already facing opposition from shareholders on Diamond's pay.
Pensions & Investment Research Consultants released a report yesterday, warning investors that the annual report overstated the bank's position by at least £6.724bn, or 12% of net assets.
This included £2bn for bonuses now disclosed but not charged; provision for bad debts of more than £1bn; and taking credit for an unrealised gain of £2.7bn in fair value of its own debt.
The report stated: "The company appears to have made more profits than it actually has when determined on a prudent basis."
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