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  1. Wealth
January 28, 2009

Guardian: Lloyds’ execs wanted pay rise

By Spear's

Lloyds Banking Group has sounded out shareholders about a change in its executive remuneration plans that could generate pay rises for its directors despite being bailed out by the taxpayer.

From the Guardian:

Lloyds Banking Group has sounded out shareholders about a change in its executive remuneration plans that could generate pay rises for its directors despite being bailed out by the taxpayer.

The bank, in which the government holds a 44% stake, is understood to have approached big City investors between a month and six weeks ago with outline proposals for a modified pay package for the executive team of the bank.

The discussion about possible pay rises comes as research by the Guardian shows that 12 top bankers earned more than £1bn in performance-related pay and shares in the run-up to the credit crunch – even though their banks have subsequently racked up more than £300bn in losses, writedowns and emergency bail-outs from governments and shareholders.

To read the full article, visit the Guardian

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