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Lloyds Banking Group

MPs urge Lloyds shareholders to vote against pay policy at Thursday’s AGM

MPs have voiced their frustration at Lloyds, which makes a hefty contribution to the pension of senior executives, but doesn’t offer those same perks to other staff

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The MPs want Lloyds’ bosses to give up their pension perks

Several senior MPs have accused Lloyds Banking Group PLC (LON:LLOY) bosses of “boundless greed” for failing to give up pension perks that are far better than those offered to regular workers.

Lloyds’ chief executive Antonio Horta-Osario took home a pay package worth more than £6mln last year, which included a pension contribution from the bank equal to 46% of his base salary.

READ: Lloyds post flat profit as it takes hit for ending Standard Life Aberdeen contract early

Earlier this year, Lloyds said Horta-Osario had voluntarily agreed to bring that figure down to 33% in 2019.

But that is still far greater than the 13% maximum contribution offered to other employees, which has prompted anger from UK politicians.

“Senior executives at Lloyds could bring this sorry episode to an end, today: just give it up,” said Frank Field, the head of parliament’s work and pensions and business committees.

The Birkenhead MP added that attempts by the lender to win backing from employees who also hold its stock “smacks of feverish desperation”.

Labour MP Rachel Reeves has called on investors to vote against Lloyds’ pay policy at tomorrow’s (Thursday) annual general meeting.

In response to the politicians, the head of Lloyds’ remuneration committee Stuart Sinclair, said the pension allowance cut for this year was an “important step” and that the remuneration policy would be reviewed ahead of next year’s AGM.

Lloyds shares were slightly lower at 60.6p in late-afternoon trading in London.

Quick facts: Lloyds Banking Group

Price: £0.56

Market: LSE
Market Cap: £38.8 billion
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