Pay was already expected to be a big issue at Barclays' 2010 general meeting today, with boss Bob Diamond set to take home £27m. And that was before governance analysts Pirc weighed in this morning with a further accusation that the bank under-stated the bonuses it paid in 2010.

Firstly, to Pirc's analysis. According to the agency's reading of Barclays' 2010 accounts, the bank paid £437m under the UK's Bonus Tax regime, introduced by the previous Labour government, in the financial year. That equates to about £4.8bn's worth of bonuses.