Lloyds to face revolt over executive pay at annual meeting
UK’s biggest retail bank has been criticised for its CEO’s pension perks with law makers say recent cuts to his pay package are not enough
London — Lloyds Banking Group is braced for a potential shareholder revolt over senior executives’ pay at its annual meeting on Thursday, after criticism by politicians and a string of similar rebellions at rival banks. The bank’s CEO António Horta-Osório’s £6.3m pay in 2018 has faced objections from investors, with particular focus on the generous pension perks that eclipse those on offer to Lloyds’ broader workforce. Horta-Osório, Britain’s highest paid banking CEO, has already waived part of the bank’s contributions to his pension pot this year, taking the annual payments to 33% of base salary from 46% previously. But this is still more than double the 13% contribution made to the retirement pots of less senior Lloyds employees and higher than the 25% rate recommended by the UK Investment Association. Barclays, Standard Chartered and Standard Life Aberdeen have all had sizeable investor rebellions against the pay of senior management in the past few years, although all companies ...
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