(24 February 2010 – UK) The chief executive officer of state rescued Lloyds Banking Group is continuing the trend and forgoing his bonus for the second year running.The group, which is 43 percent owned by the taxpayer, revealed in a statement that Eric Daniels, chief executive officer, would not be taking his £2.3 million (A$3.95 million) bonus.
A statement issued by the group’s chairman, Sir Win Bischoff, said that while the bank’s remuneration committee had decided to award Mr Daniel’s with his full bonus, he had decided to waive it for the second year in a row.
Mr Daniels has taken this action because he believes that the excellent progress the group is making is in danger of being obscured by the current debate on executive bonus awards in the banking sector, Sir Bischoff said.
Sir Bischoff also said that for the group as a whole, annual bonuses would be paid in shares and would be subject to deferrals and ‘clawbacks’ in line with principles worked out by the Group of 20 nations.