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All four funds shared in a dividend pay out of £1m in 2015, and £800,000 in 2014.
"It cannot be right in any business for the executive bonus pool to be nearly three times bigger than the total dividend pay out to the company's owners," said Roger Barker, the institute's director of corporate governance.
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The group's dividend, paid out to members according to how much they spend each year, will be put on hold.
Earlier this month the club's new owner, John Radford, made the dramatic public announcement that he has "instructed lawyers and forensic accountants to investigate" the £2.44m dividend paid out by the club on 9 December 2008, the first struggling winter after relegation.
In addition, the stock is yielding 1.31%, and it can cover its 18-cent annual dividend, paid out in monthly installments, four times over with trailing 12-month cash flow.
Even the Institute of Directors, the bosses' club, is flabbergasted that Barclays has the nerve to hand out bonuses worth three times the dividend pay-out to shareholders.
George Osborne has received a dividend pay-out worth £1,230 from his family's wallpaper business, despite the company not paying any corporation tax for the last seven years, according to reports.
And empirical research suggests that there is a link between high dividend pay-outs and good corporate governance.There are macroeconomic benefits as well, says Mr Kuijs.
To compute future book values, we also need to make some assumptions about dividend pay-out.
The stock has gone ex-dividend, meaning that new shareholders will miss out on the last dividend pay-out.
But with the promise of a higher dividend pay-out, hefty job cuts and strong back-up reserves, there was some light at the end of the pipeline.
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CEO of Professional Science Editing for Scientists @ prosciediting.com