13th May 2019 15:06
LONDON (Alliance News) - Lloyds Banking Group PLC shareholders have been urged to reject Chief Executive Antonio Horta-Osorio's retirement package at the bank's upcoming annual general meeting by the chair of the UK parliament Work & Pensions Committee.
The Investment Association - a trade body representing investment managers - has previously issued a warning against the bank for its remuneration package. The lobby group suggest that executive pension contributions should not exceed 25% of base salary - whereas Horta-Osorio's is 33%.
Frank Field, independent MP for Birkenhead and chair of Work & Pensions Committee, told the Sunday Telegraph: "I can't imagine any business standing proud before its investors under anything but the full green light from the Investment Association. Any shareholder looking to the board for leadership on the company's values should use their vote this week to say so."
Lloyds annual general meeting is being held in Edinburgh this Thursday.
Shareholder adviser Pensions & Investment Research Consultants Ltd has already told Lloyds shareholders to oppose the pay package, describing it as "excessive".
According to the Telegraph, most of the staff at Lloyds receive a pension contribution of 13% of base salary.
Mark Brown, general secretary of Lloyds' staff union Affinity, said shareholders have a "responsibility to the wider community to vote against the bank's remuneration report" at Thursday's shareholder meeting.
"Mr Horta-Osorio and colleagues are getting pension allowances which bear no relation to those available to everyone else in the bank. The pension allowances scandal epitomises all that is wrong with executive pay."
https://www.telegraph.co.uk/business/2019/05/11/lloyds-shareholders-urged-vote-against-chiefs-excessive-pay/
Shares in Lloyds were down 1.9% Monday afternoon at 59.91 pence each.
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