Shareholder vote 'humiliating' for Barclays

In so many ways, these are not normal times. Nearly 27 percent of those voting rejected the package, including Bob Diamond's £6.3 million 2011 payments.

Include abstentions, and nearly 32 percent of shareholders did not back the board.

This is humiliating for Barclays, one of the most powerful institutions in the world. It will not change the pay deals of those top executives this year, but it is a significant warning for Barclays and other companies who think that they can pay what they like without shareholders taking action.

Coming on the last day of the government's consultation on executive pay, it could not be a more timely message from the ordinary investor to the boardroom.