executive directors: Investors are increasingly critical of the payments, which they view as backdoor remuneration, according to The Independent. Apart from two other board members, the rest of Lloyds staff are offered just 13% of salary. Ant nio Horta-Os rio receives 33% of his salary, or 419,000, as a cash payment in lieu of pension. Frank Field, the independent MP who chairs the work and pensions select committee, and Rachel Reeves, the Labour chair of the business committee, on Thursday released a joint letter to Lloyds about the issue. As you will be aware, the Investment Association's IA guidelines as well as the UK corporate governance code state that pension contribution rates for executive directors should be aligned with those of their workforce, the letter said. They warned that the payments contravened pay policy outlined by the trade body that represents UK investment managers and in the official City code.
(news.financializer.com). As
reported in the news.
Tagged under executive directors, lloyds staff topics.