Lloyds rejects reports over plans to change pay structures

  • Britain’s Lloyds Banking Group said on Monday it had no plans to revamp its pay policy for senior staff, dismissing a media report it may abandon annual bonuses for executives.

    "We keep our remuneration plans under review at all times but have no current plans to change our structures and do not expect to do so in the foreseeable future," a spokeswoman said.

    The Financial Times had reported that the part state-owned bank was considering whether to ditch annual bonuses for executives and extend the timeframe of longer-term incentives to up to 10 years.

    Lloyds Chief Executive Antonio Horta-Osorio recently called for changes to made within the banking industry, stating that Lloyds was committed to ensuring pay was increasingly linked to the long-term performance of the bank.

    Last year, Horta-Osorio was paid $4.5 million and could receive nearly 10 million shares under this year's incentive plan.