Lloyds CEO May Face Shareholder Opposition Over ‘Excessive Pay’
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Lloyds Banking Group Plc’s shareholders should oppose Chief Executive Officer Antonio Horta-Osorio’s compensation at Thursday’s annual general meeting, said Pensions & Investment Research Consultants Ltd.
The CEO was awarded 11.5 million pounds ($17.9 million) for 2014, which was “highly excessive,” the U.K. corporate-governance adviser said in an e-mailed statement on Monday. Investors should also oppose the re-election of Chairman Norman Blackwell because he holds the same role at Interserve Plc, a maintenance and building company, it said.