Lloyds Banking Group has said it intends to pay its chief executive £4.9m in 2014, as well as paying some staff bonuses worth double their annual salaries.
The state-backed lender - still 33%-owned by the government - announced the plans in its annual report released today. It also revealed CEO Antonio Horta-Osorio was paid £4.5m in 2013, including long-term share awards and pension and benefits. The bank is now seeking approval from shareholders - including UK Financial Investments (UKFI), which controls the government's stake in the bank - to be able to pay key staff bonuses worth up to 200% percent of their fixed pay. Lloyds, which owns Bank of Scotland and is registered in Scotland, also said in the annual report that a 'yes vote...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
