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Lloyds chief Antonio Horta-Osorio declines annual bonus Lloyds chief Antonio Horta-Osorio declines annual bonus
(40 minutes later)
Antonio Horta-Osorio, chief executive of Lloyds Banking Group, has told the bank's board he does not want to be considered for an annual bonus for 2011. Antonio Horta-Osorio, chief executive of Lloyds Banking Group, has said he will not take an annual bonus for 2011.
He has just returned from a two month leave of absence due to fatigue. He has just returned from a two month absence due to fatigue and acknowledged that had had an "impact" on the bank.
He said his bonus "should reflect the performance of the group but also the tough financial circumstances that many people are facing". He also said his bonus should reflect the performance of the group, and "the tough financial circumstances that many people are facing".
Lloyds Banking Group shares fell more than 60% in 2011. Mr Horta-Osorio joined the board of Lloyds in January 2011 and became chief executive in March.
His basic pay is £1.06m a year, and he would have been eligible for bonus payments of up to 225% of that.
In a statement, Mr Horta-Osorio acknowledged that "my leave of absence has had an impact both inside and outside the bank including for shareholders".
Lloyds chairman Sir Winfried Bischoff said: "Under Antonio's leadership, the bank made significant progress last year in its transformation against a very difficult economic backdrop."Lloyds chairman Sir Winfried Bischoff said: "Under Antonio's leadership, the bank made significant progress last year in its transformation against a very difficult economic backdrop."
The bank announced on 2 November that Mr Horta-Osorio was to take extended leave because of a stress-related illness.The bank announced on 2 November that Mr Horta-Osorio was to take extended leave because of a stress-related illness.
He had joined the board of Lloyds in January 2011 and became chief executive in March. Shares in Lloyds - which is 41% state-owned - fell more than 60% in 2011.
Lloyds is 41%-owned by UK taxpayers.