Officials have said that the president of British-based Barclays Capital has been awarded a pay package worth as much as $90 million.

The Daily Telegraph reported on Saturday that Bob Diamond's package is based on a $580,000 annual salary, but through a combination of stock incentives and bonuses he could earn more than 150 times that amount.

Barclay's annual report, released on Friday, said that Diamond earned $40 million last year through selling his shares in Barclay's Global Investors.

With the possibility of earning an additional $18 million during the next two years if performance targets are reached, 58 years old Diamond also received $9 million in Barclay's shares last year.

The annual report further said that Diamond also made more than $22 million recently from bonuses he was awarded in 2005 under a long-term incentive plan.

The enormous pay package showed compensation for some bankers had exceeded decency, said Lindsay Hoyle, a Labor member in parliament.

Hoyle further added, "The country as a whole will be disgusted." (With Inputs from Agencies)