Lloyds chief executive refuses to take bonus

Friday, 13 January 2012 01:35

The chief executive of the Lloyds Banking Group will not be taking a bonus for his work during 2011, it has emerged.

Antonio Horta-Osorio joined the board a year ago, but only recently returned from a two-month leave of absence that was caused by exhaustion.

His pay is £1.06 million per year, which means he would have been able to take a bonus of up to 225 per cent of the figure for 2011.

However, in a statement issued today (January 13th 2012), Mr Horta-Osorio revealed he does not want to be considered for such a payout.

"I joined Lloyds Banking Group to rebuild the pride in the bank ... My goal remains to restore the bank to profitability enabling us to support the country's economic recovery sustainably," he commented.

The chief executive added that he wants his entitlement to reflect the performance of Lloyds, but also the current economic climate and the fact that his absence affected the bank and its shareholders.

Chairman Sir Winfried Bischoff confirmed the board has accepted Mr Horta-Osorio's request.

Lloyds, which is 41 per cent owned by the state, saw its shares fall by 60 per cent during 2011. It plans to announce its preliminary results for last year on February 24th 2012.

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