The banking group could face a shareholder rebellion over the issue at its annual general meeting on 24 May. CEO António Horta Osório saw his pay rise to £6.4m ($8.6m) in 2017, up 11% from the previous year. Advisory group Institutional Shareholders Services (ISS) has recommended that shareholders reject the bank’s remuneration report due to discrepancies between “pay and relative performance”. ISS also highlighted Lloyds’ “unduly complex” bonus structure and the lack of clarity about how such awards were determined. “We do not agree with the assertions made within the ISS report as the group makes a high level of disclosure on the framework it operates.” Lloyds is not alone among UK banks facing criticism for their pay.
The banking group could face a shareholder rebellion over the issue at its annual general meeting on 24 May. CEO António Horta Osório saw his pay rise to £6.4m ($8.6m) in 2017, up 11% from the previous year. Advisory group Institutional Shareholders Services (ISS) has recommended that shareholders reject the bank’s remuneration report due to discrepancies between “pay and relative performance”. ISS also highlighted Lloyds’ “unduly complex” bonus structure and the lack of clarity about how such awards were determined. Lloyds is not alone among UK banks facing criticism for their pay.