LLOY Lloyds Banking Group Plc

By Adam Clark

Lloyds Banking Group PLC (LLOY.LN) Chief Executive Antonio Horta-Osorio has given up a pension linked to his final salary after criticism from employees.

The U.K. bank said in a statement on Wednesday that Mr. Horta-Osorio agreed his pension benefit should be based on his relevant salary in 2014 --the same year that he oversaw the end of final-salary pensions for the rest of Lloyds' staff.

Lloyds said Mr. Horta-Osorio requested the review of the terms of his pension arrangements, which had been based on the benefits he forfeited on joining the bank from Banco Santander S.A. (SAN.MC) in 2011.

The Times of London on Tuesday reported that a Lloyds staff group had highlighted the CEO's pension arrangements in a letter to the Investment Association, the asset-management industry body that has campaigned against excessive executive pay.

The IA has also called for a gradual reduction in employer-funded pension contributions for current executives to bring them closer to those of their employees. Mr. Horta-Osorio had already agreed to a reduction in his allowance to 33% of his salary from 46%. Most Lloyds staff have contributions capped at 13%.

HSBC Holdings PLC (HSBA.LN) said last week that it would slash its executives' pension allowances to 10% of their base salary from a previous level of 30%.

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

(END) Dow Jones Newswires

March 20, 2019 06:38 ET (10:38 GMT)

Lloyds Banking (LSE:LLOY)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024

Lloyds Banking (LSE:LLOY)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024