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.