Barclays Bank has become the latest company to face a shareholder rebellion over executive pay arrangements.

Almost three out of ten of the larger shareholders registered dissent over rewards for top executives ahead of yesterday's annual meeting.

The vote follows a shareholder rebellion over executive pay at oil giant Shell on Wednesday.

Based on proxy votes on behalf of the larger shareholders ahead of the bank's meeting, 28 per cent either abstained or voted against the remuneration arrangements.

Meanwhile, 13 per cent of proxy voters followed a call to abstain in a vote to re-elect chief executive Matthew Barrett while a further five per cent voted against.

The National Association of Pension Funds, whose members own about one-fifth of the stock market through their investments, had called for abstentions in both votes.

The association is angry at a so-called "golden parachute" clause in Mr Barrett's contract, which grants him up to twice his annual package in the event of a change of control at the bank.

Last year Mr Barrett received £1.7 million in salary, bonus and other benefits.

An association spokesman said: "We hope Barclays will look to improve their remuneration arrangements in the future."

Under new arrangements, companies now have to put their remuneration report, which sets out the details of executive's salaries and bonuses, to a vote at their AGM.

Chairman Sir Peter Middleton defended Mr Barrett's record saying the bank had been in the top quartile of its peers in terms of shareholder return for the last three years.