Metro Bank risks shareholder revolt over pay increase for top bosses

Glass Lewis urges investors to vote against award, saying 20% hike unjustified given average 5% rise for staff

Metro Bank is at risk of a shareholder rebellion over executive pay, after an influential investor advisory firm said the high street lender had failed to justify a “significant” 20% salary hike for top bosses.

Glass Lewis – which helps shareholders including large pension funds and asset managers decide how to vote at annual general meetings – urged investors to vote against the bank’s remuneration report amid concerns over rising payouts for the chief executive, Daniel Frumkin, and the newly joined chief financial officer, James Hopkinson.