Lloyds to face revolt over executive pay at annual meeting

Lloyds CEO António Horta-Osório. Picture: BLOOMBERG

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. 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 ultimately secured a majority of shareholder support.

The top bosses of Britain’s biggest banks were paid on average 120 times more than the median pay of their UK employees in 2018, bank filings showed. At Lloyds, Horta-Osório was paid 169 times as much as the bank’s median paid employee, who earned £37,058 a year.

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