Britain's Lloyds Bank boss defends pension perks [Reuters (UK)]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Reuters
Britain's Lloyds Bank boss defends pension perks - Reuters 3 Min Read * Lloyds CEO faces scrutiny for payouts above IA guidelines * Lloyds defends CEO pay as in line with industry standards * Questions comes amid widening scrutiny of British execs’ pay By Lawrence White and Iain Withers LONDON, June 19 (Reuters) - Lloyds Banking Group Chief Executive Antonio Horta-Osorio on Wednesday told lawmakers his pension and pay are in line with the market rate, amid widening scrutiny of the gap between bosses’ and ordinary workers’ pensions in Britain. Veteran lawmaker Frank Field accused Britain’s best-paid bank chief Horta-Osorio of “greed” for keeping a maximum employer contribution rate to his pension of 33% at a time when rival banks are voluntarily reducing theirs to meet industry guidelines. “It is very difficult to accept the word greed, when my total fixed compensation of 2.8 million pounds is lower than the group CEO of HSBC,” Horta-Osorio said. When share awards and other payments we
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