Lloyds Shareholders Back Remuneration Report Despite CEO Pension Furore
May 16 2019 - 10:47AM
Dow Jones News
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.
Lloyds Banking (LSE:LLOY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lloyds Banking (LSE:LLOY)
Historical Stock Chart
From Apr 2023 to Apr 2024
