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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 said he will not take an annual bonus for 2011. | |
He has just returned from a two month absence due to fatigue and acknowledged that had had an "impact" on the bank. | |
He also said his bonus should reflect the performance of the group, and "the tough financial circumstances that many people are facing". | |
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. |
Shares in Lloyds - which is 41% state-owned - fell more than 60% in 2011. | |
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