Lloyds Shareholders Back Remuneration Report Despite CEO Pension Furore

Date : 05/16/2019 @ 3:47PM
Source : Dow Jones News
Stock : Lloyds Banking Group Plc (LLOY)
Quote : 57.7  -0.35 (-0.60%) @ 4:35PM
Lloyds Banking share price Chart

Lloyds Shareholders Back Remuneration Report Despite CEO Pension Furore

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By Adam Clark

 

Lloyds Banking Group PLC (LLOY.LN) shareholders have overwhelmingly backed the lender's report on executive pay, despite attacks from union and politicians over Chief Executive Antonio Horta-Osorio's pension package.

The bank said 92% of shareholders backed its remuneration report at its annual general meeting on Thursday.

Just a day before lawmakers on the parliamentary Work and Pensions Committee had attacked Lloyds executives for "boundless greed" in respect to pensions and called on shareholders to vote against excessive awards.

Mr. Horta-Osorio gave up a final-salary pension benefit earlier this year following criticism from a staff group and slashed his level of employer-funded pension contributions. However, the CEO's pension contribution rate still stands at 33%, compared to a cap of 13% for the majority of staff.

The CEO was paid 6.3 million pounds ($8.1 million) in total in 2018, earning 169 times as much as the median Lloyds employee, according to the bank, making him the U.K.'s best-paid banking chief.

 

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

 

(END) Dow Jones Newswires

May 16, 2019 10:32 ET (14:32 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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