"Lloyds Banking Group boss, Charlie Nunn, could be in line for a maximum annual pay packet worth more than 13m, as he becomes the latest boss to benefit from the UK's controversial decision to lift a cap on banker bonuses. The bank's remuneration committee has begun drafting a new three-year executive pay policy that, for the first time, will take advantage of looser pay rules that have sent potential payouts soaring at rival banks."
"That includes Barclays, where chief executive, CS Venkatakrishnan, was handed a 45% rise in maximum pay last year, giving him the chance to be paid up to 14.3m if he hits important business targets. HSBC similarly offered a 43% increase to boss Georges Elhedery, for a maximum payout of about 15m. Meanwhile, NatWest Group chief, Paul Thwaite, can now receive up to 7.7m for a single year's work after shareholders approved a 43% increase in his maximum pay package last year."
Lloyds Banking Group's remuneration committee has begun drafting a new three-year executive pay policy to use looser pay rules after the government lifted the banker bonus cap. A 45% rise in maximum pay would make chief executive Charlie Nunn eligible for up to 13.2m, up from 9.1m currently, subject to shareholder approval at the annual general meeting this spring. Rival banks have already increased potential payouts, including Barclays (up to 14.3m), HSBC (about 15m) and NatWest (7.7m). Lloyds indicated it may cut fixed salary while increasing variable, performance-related rewards. The 2014 cap limited bonuses to two times salary to reduce risky incentives; critics argued banks inflated salaries instead.
Read at www.theguardian.com
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