Lloyds Bank urges employees to vote in executive pay meeting

Bosses at Lloyds Banking Group have urged employees to vote at its upcoming annual meeting after objections were raised over its executives’ pay.

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A video was made in an attempt to persuade staff to vote at Thursday’s meeting, the Sunday Times reported, on the pension programme handed out to chief executive Antonio Horta-Osorio.

Shareholders will have the chance to signal approval or disapproval of Lloyds executives’ pay programmes, a year after a fifth of them voted against the bank’s pay report.

Lloyds’s chief executive, who is Britain’s best-paid bank boss and took home £6.3m in 2018, has come under fire from bank staff and MPs who have questioned whether his pension and share awards are too generous.

In February, Lloyds said Horta-Osorio had voluntarily had his pension contributions down to 33 per cent of his base salary from 46 per cent.

The two largest shareholder advisory groups, ISS and Glass Lewis, which are believed to cover about 75 per cent of shareholders, have recommended the company’s pay programme is supported following the pension change.

Lloyds would not comment on the issue.