Lloyds Banking Group

Lloyds Banking Group Chief Executive declines to take a 2011 bonus

13 January 2012

António Horta-Osório, Lloyds Banking Group Chief Executive, has informed the Lloyds Banking Group Board that he does not wish to be considered for an annual bonus for 2011.

António Horta-Osório, Group Chief Executive, said: “I joined Lloyds Banking Group to rebuild the pride in the bank. As a Group, we have a significant impact for over 30 million businesses and households and therefore I believe we can make a real positive contribution to the economic and social well-being of the UK.

“My goal remains to restore the bank to profitability enabling us to support the country’s economic recovery sustainably and giving taxpayers the opportunity to get back their money.

“As Chief Executive, I believe my bonus entitlement should reflect the performance of the Group but also the tough financial circumstances that many people are facing. I also acknowledge that my leave of absence has had an impact both inside and outside the bank including for shareholders. On that basis, I have decided to request that the Board does not consider me for a 2011 bonus.”

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