Barclays shareholders are plotting a revolt against chief executive Bob Diamond's eye-watering £17.7 million pay packet at the bank's annual meeting later this month.
Investors holding more than a tenth of the company's shares are set to vote against the bank's pay report on April 27.
It reflects anger over a £5.7 million tax payment made on Mr Diamond's behalf as part of an overall package of pay and bonuses worth £17.7m, today's Sunday Telegraph reported.
This year's bumper bonuses - including more than £6m for Barclays Capital's two bosses - follow Mr Diamond's own admission that the bank's performance was "unacceptable."
Standard Life, Fidelity, Aviva and Scottish Widows - who hold 6.45 per cent of the bank's shares - are believed to be preparing to vote against the pay report and the re-election of pay committee chairwoman Alison Carnwath.