Lloyds Denies Bonus to Former Board Members

.

Lloyds Denies Bonus to Former Board Members

It seems that the much talked about merger between Lloyds and HBOS could not deliver the expected results as this time some of the former directors of Lloyds would be devoid of share awards, which were expected to be given as part of an incentive plan.

Those who would be at the loss this time are former Chief Executive Eric Daniels, Helen Weir (formerly head of Lloyds' retail estate), Archie Kane (former head of the insurance business), and Truett Tate (corporate banking). They were expected to get as much as £2.2m in shares, but now tables have turned.

The surmounting debt pushed the company to an extent that government had to be roped in to deal with the matter. No comments have come from Lloyds Banking about the matter in question.

It was in Lloyds' annual report, made public on Thursday, that it was confirmed that chief executive Antonio Horta-Osorio had got £1.8 million in salary, pension and benefits for 2011, though he refused his annual bonus.

It is believed that this decision was taken considering the weak condition of the company. While the news is getting the due attention, it is believed that the reason why former directors were denied incentives could have something to do with their involvement in the controversial merger.


Latest News

New Measures Introduced by China to Boost Economy Fail to Bring Long-lasting Con
Overwhelming ‘No’ vote by Greeks Make the Nation’s Future Uncertain
CPUC Votes Unanimously to Support a Revised Version of Electricity Pricing
It’s Quite Likely that Greek Bank Customers have to Bear More Financial Pain
JetBlue Starts Weekly Charter Flights to Havana from  New York
Californians Will Face Changes in Electricity Bill as PUC Gets Ready to Vote on
Increase in the Number of U.S. Oil Drilling Rigs Break the 29 Week Successive De
Though Employers Hire at Steady Rate Wages Remain Flat
Aetna Acquiring Medicare Insurer Humana for $37 Billion in Cash and Stock Combin
New Financial Worries Leave Greece Divided
Airlines Next on The Probe List of Justice Department’s Antitrust Division
Shutting Down the Wrong Engine Led to Crash of TransAsia Flight GE235 in Taiwan