Union leaders have slammed corporate chiefs in receipt of huge pay deals at a time of slow economic growth.

Amicus joint general secretary Derek Simpson told the Independent: "It seems that during the bad times boards do just as well as the good times."

Matt Barrett, chief executive of Barclays bank, will today explain his salary package to shareholders at the bank's AGM.

His remuneration includes a "golden goodbye" of £5 million, twice his annual salary, if he loses his job.

Forum Response: Barclays

A spokeswoman for Barclays told ePolitix.com: "Matt signed a contract with Barclays in March last year. When drawing up the contract we consulted with leading shareholders and we believe it is the right amount in order to retain a very valuable employee.

"It is worth noting that since Matt joined the company, the Barclays share price has outperformed the FTSE by 45 per cent."

Forum Response: Institute of Directors

George Cox, director general of the IoD, told ePolitix.com: "The IoD has campaigned against unjustifiable pay-offs to directors of unsuccessful companies for a very long time. The solution lies in having contracts without excessive notice periods and with bonuses that are rigorously linked to performance.

"Remuneration Committees and boards should then be strong enough to adhere to the contract and not exercise inappropriate discretion when directors depart. The solution is not to enter into a bad contract in the first place."