Lloyds defends CEO pay after investor anger at annual investor meeting

LONDON (Reuters) – Lloyds Banking Group has defended the 6.3 million pound ($8.06 million) pay package awarded to chief executive Antonio Horta-Osorio, after criticism from politicians and investor trade bodies.

Horta-Osorio’s pay in 2018 has drawn harsh commentary, with particular focus on the generous pension perks that eclipsed those on offer to Lloyds’ broader workforce.

Addressing questions at the company’s annual general meeting, Lloyds Chairman Norman Blackwell insisted executive awards were “fair” and justified given the bank’s turnaround in recent years from the brink of insolvency to becoming one of Europe’s most profitable lenders.

“Let me be clear – our view is we should and need to pay for performance,” Blackwell said, adding of the bank’s senior leadership team that “not many people would do the arduous hours and arduous tasks they do for free”.

Source: Reuters

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