High Street bank Barclays and oil giant Shell are among companies facing anger from shareholders over pay deals for top executives.
The National Association of Pension Funds, whose members own about one fifth of the stock market through their investments, has concerns over packages which include directors' salaries and other benefits.
The association's members manage about £650 billion of investments.
The association is calling on its members to abstain in votes on both Barclays remuneration and the re-election of itschief executive Matthew Barrett on April 22.
It objects to a "change of control" provision in his contract, which gives him twice his annual package in the event of a change of control at the bank.
Reports placed the value of the package at up to £5 million.
Meanwhile the association wants its members to vote against Shell's remuneration package the next day.
It described the level of disclosure in a report on remuneration in the company's annual report as "below best practice".
It also said the company had not justified a change to links between pay and performance.
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