The Group is led by the Group Board comprising a Chair, independent Non-Executive Directors and Executive Directors.

Boards are collectively responsible for the long-term success of the Companies

The Group Board's role is to provide entrepreneurial leadership of the Company within a framework of prudent and effective controls.

It achieves this by setting the strategy and overseeing its delivery, establishing a culture, values and standards of the Group, ensuring that the Group manages risk effectively, monitoring financial performance and reporting and ensuring that appropriate and effective succession planning arrangements and policies are in place.

Lloyds Banking Group conducts its business through a number of subsidiaries including Lloyds Bank plc and Bank of Scotland plc. Together these are the Banks which undertake the ring-fenced banking (RFB) business of the Group.

Executive Directors


The Executive Directors of Lloyds Banking Group, Lloyds Bank plc, Bank of Scotland plc and their biographical profiles.

William Chalmers

Executive Director, Interim Group Chief Executive and Chief Financial Officer

William joined the Board in August 2019 when he was appointed Chief Financial Officer and was appointed Interim Group Chief Executive in May 2021.

William's profile

Non-Executive Directors


The Non-Executive Directors of Lloyds Banking Group, Lloyds Bank plc, Bank of Scotland plc and their biographical profiles.

Robin Budenberg

Chair

Robin's profile

Alan Dickinson

Deputy Chairman
and Senior Independent Director

Alan's profile

Sarah Legg

Independent Director

Sarah's profile

Lord Lupton CBE

Independent Director

Lord Lupton's profile

Amanda Mackenzie OBE

Independent Director

Amanda's profile

Nick Prettejohn

Independent Director

Nick's profile

Stuart Sinclair

Independent Director 

Stuart's profile

Catherine Woods

Independent Director

Catherine's profile

Additional Non-Executive Directors of Lloyds Bank plc and Bank of Scotland plc and their biographical profiles.

The following are directors only of Lloyds Bank plc and Bank of Scotland plc which together form the Ring Fenced Banks of the Lloyds Banking Group in the context of U.K. financial regulations. The concept of the Ring Fenced Banks was created in order to protect consumer banking services from shocks to the wider financial system. As the Group is focussed on the U.K. and on retail and commercial banking customers, the majority of our banking business is undertaken within the Ring Fenced Banks.

There are therefore separate Boards for the Group and the Ring Fenced Banks. Most Board meetings are “aligned” meetings where the boards of the Group and the Ring Fenced Banks come together to consider matters from the perspective of the Ring Fenced Banks and the wider Group. Separate Board meetings of the Ring Fenced Banks and the Group are convened bi-annually to ensure the separate interests of the respective Boards are considered independently.

The Boards of the Ring Fenced Banks comprise all of the Group Directors and the Ring Fenced Bank-only Directors. The role of the Ring Fenced Bank-only Directors is to act independently and exclusively in the best interests of the Ring Fenced Banks, with an enhanced role in managing any potential conflicts between the Ring Fenced Banks and the Group. In order to ensure that they are able to do this, the Ring Fenced Bank-only Directors also attend the Group-only Board meetings as observers.

Nigel Hinshelwood

Brendan Gilligan

RFB Senior Independent Director

Nigel's profileopens in the same tab

Sarah Bentley

Sarah Bentley

RFB Independent Director

Sarah's profileopens in the same tab

Brendan Gilligan

Brendan Gilligan

RFB Independent Director

Brendan's profileopens in the same tab

Voluntary Disclosure

  • 05 May 2021

    As previously announced, William Chalmers will assume the additional responsibilities from 1 May 2021 of Acting Group Chief Executive in the interim period between António Horta-Osório leaving and Charlie Nunn joining as the new Group Chief Executive on 16 August 2021. During this period, William will also retain his ongoing responsibilities as Group Chief Financial Officer.

    For the period William assumes the additional responsibilities, he will be paid a deputisation allowance and receive an increase to his Fixed Share Award. The deputisation allowance will be £314,163 on a full-year equivalent basis and will be time pro-rated on a daily basis and paid monthly as an allowance. The Fixed Share Award will be increased by £219,750 on a full-year equivalent basis and will be time pro-rated on a daily basis. It will be payable on a quarterly basis in shares and restricted over three years as normal.

Section 430(2B) Companies Act 2006 statements

  • Further to the announcement by Lloyds Banking Group plc (the “Company”) on 29 January 2021, Sara Weller retired as a Non-Executive Director of the Company on 20 May 2021.

    In accordance with section 430 (2B) of the Companies Act 2006, the Company confirms that no remuneration payment will be made by the Company to Sara after she ceased to be a Non-Executive Director of the Company, nor will any payment for loss of office be made.

  • António Horta-Osório retired as Group Chief Executive Officer and an Executive Director of Lloyds Banking Group plc (the “Company”) with effect from 30 April 2021 (“Retirement Date”). The following information is provided in accordance with section 430(2B) of the Companies Act 2006:

    António has not received and will not receive any payment for loss of office.

    On 20 May 2021, António will receive a payment of £200,809.49 in lieu of unused annual leave entitlement up to the Retirement Date.

    Employees taking retirement are treated as ‘good leavers’ under the Company’s Group Performance Share Plan (GPS Plan) Rules. António declined a GPS award in 2019 and 2020 and has no outstanding deferred GPS awards. He is eligible to be considered for a GPS award for the 2021 performance period up until his retirement date.

    António will remain entitled to his Fixed Share Award, time pro-rated to his retirement date. The award is paid in shares in quarterly instalments and the final award of £88,846 will be made in shares in June 2021 and restricted over three years.

    António did not receive a Long Term Share Plan award for the 2020 performance year.

    As a ‘good leaver’ under the Executive Group Ownership Plan Rules (Executive GOS), António’s outstanding 2019 and 2020 Executive GOS awards will be time pro-rated to his retirement date (2019 becomes 5,977,436 shares and 2020 becomes 3,680,612 shares). The awards remain subject to the performance measures which apply to the relevant awards and will continue to vest at the normal vesting dates and be released on their scheduled release dates, subject to the relevant terms (including post-vesting retention periods, malus and, where applicable, clawback and to deductions for national insurance and income tax).

    As the 2017 and 2018 Executive Group Ownership Share awards have achieved their three-year performance period with performance outcomes of 49.7% and 33.75% respectively, any unvested awards will not be time pro-rated and will continue to vest at the normal vesting times and be released on their scheduled release dates, subject to the relevant terms (as outlined above).

    Employees taking retirement are treated as ‘good leavers’ under the Group Share Incentive Plan rules (SIP). Accordingly, António can no longer participate in the SIP plan and shares held in the SIP Trust on his behalf need to be removed from the Trust within 30 days from the date of his retirement. António will be entitled to sell or transfer his shares. There is no income tax or National Insurance contributions payable on the value of the SIP shares. However, dividend tax is payable on the sale of any dividend shares held for less than three years at the point of sale.

    Balance in the Share Incentive Plan as at the Retirement Date

    Partnership Shares  Matching Shares  Free Shares  Dividend Shares  Total 
    25,384 7.174 912 56 33,526


    As António’s retirement date is before the maturity date of the 2019 and 2020 Sharesave plans, under the rules of the Sharesave Schemes, he can choose to continue to make contributions for six months post his retirement date, use his savings to purchase the shares at the option price or withdraw his savings.

    António will be entitled to a capped contribution of up to £25,000 (excluding VAT) towards legal fees incurred in connection with his retirement from the Company.

    António will be provided with Tax Assistance from the Group’s preferred supplier for the tax years 2021/2022 and 2022/23. Private medical cover will also be provided until the end of 2021.

    As part of António’s buyout of retirement benefits from his employment with Santander, the Group agreed to an unfunded pension buy-out arrangement which was determined based on the achievement of share price conditions over a six-year period. The arrangement provides benefits that are normally payable at retirement at age 65, in which case, the amount would be an annual pension equal to 6% of £1,220,000.

  • Further to the announcement by Lloyds Banking Group plc (the “Company”) on 29 October 2020, Lord Blackwell retired as Chairman and a Non-Executive Director of the Company on 1 January 2021.

    In accordance with section 430 (2B) of the Companies Act 2006, the Company confirms that no remuneration payment will be made by the Company to Lord Blackwell after he ceased to be Chairman and a Non-Executive Director of the Company, nor will any payment for loss of office be made.

  • Further to the announcement by Lloyds Banking Group plc (the “Company”) on 10 September 2020, Simon Henry retired as a Non-Executive Director of the Company on 30 September 2020.

    In accordance with section 430 (2B) of the Companies Act 2006, the Company confirms that no remuneration payment will be made by the Company to Simon after he ceased to be a Non-Executive Director of the Company, nor will any payment for loss of office be made.

  • As announced on 1 May 2020, Juan Colombás retired as Chief Operating Officer and an Executive Director of Lloyds Banking Group plc (the “Company”) with effect from 18 September 2020 (“Retirement Date”). The following information is provided in accordance with section 430(2B) of the Companies Act 2006:

    Juan Colombás has not received and will not receive any payment for loss of office.

    On 20 September, Juan Colombás will receive a payment of £45,188 in lieu of unused annual leave entitlement up to the Retirement Date.

    Employees taking retirement are treated as ‘good leavers’ under the Company’s Group Performance Share Plan (GPS Plan) Rules. Juan Colombás declined a Group Performance Share award for 2019 and requested, along with the other GEC members and attendees, not to be considered for a Group Performance Share award for 2020.

    As a ‘good leaver’ under the GPS Plan Rules, Juan Colombás’ outstanding deferred GPS awards over ordinary shares of 10p each in the capital of the Company (“Shares”) under the 2017 GPS Plan (124,370 Shares) and under the 2018 GPS Plan (501,341 Shares) will continue to be released on their scheduled release dates, subject to the relevant terms (including post-vesting retention periods, malus and, where applicable, clawback and to deductions for national insurance and income tax).

    Juan Colombás will remain entitled to his Fixed Share Award, time pro-rated to his retirement date. The award is paid in Shares in quarterly instalments and the final award of £108,125 will be made in Shares in September 2020 and restricted over three years.

    Juan Colombás did not receive an Executive Group Ownership Share for 2020.

    As a ‘good leaver’ under the Executive Group Ownership Plan Rules (Executive GOS), Juan Colombás’ outstanding 2018 and 2019 Executive GOS awards will be time pro-rated to his retirement date (2018 becomes 3,490,027 Shares and 2019 becomes 2,573,717 Shares). The awards remain subject to the performance measures which apply to the relevant awards and will continue to vest at the normal vesting dates and be released on their scheduled release dates, subject to the relevant terms (including post-vesting retention periods, malus and, where applicable, clawback and to deductions for national insurance and income tax).

    In relation to the 2017 Executive Group Ownership Share which achieved a performance outcome of 49.7%, Juan Colombás’ received the first 20% of the award in March 2020. The remaining four outstanding tranches will not be time pro-rated as the three year performance period has been achieved and will continue to vest at the normal vesting times and be released on their scheduled release dates, subject to the relevant terms (as outlined above).

    Employees taking retirement are treated as ‘good leavers’ under the Group Share Incentive Plan rules (SIP). Accordingly, Juan Colombás can no longer participate in the SIP plan and Shares held in the SIP Trust on his behalf need to be removed from the Trust within 30 days from the date of his retirement. Juan Colombás will be entitled to sell or transfer his Shares. There is no income tax or National Insurance contributions payable on the value of the SIP Shares. However, dividend tax is payable on the sale of any dividend Shares held for less than three years at the point of sale.

    Balance in the SIP plan as at the Retirement Date:

    Partnership Shares  Matching Shares  Free Shares  Dividend Shares  Total 
    15,162 5,194 912 0 21,268


    Juan Colombás will be entitled to a capped contribution of up to £10,000 (excluding VAT) towards legal fees incurred in connection with his retirement from the Company.

    Juan Colombás will be provided with Tax Assistance from the Group’s preferred supplier for tax years 2020/2021 and 2021/2022 of up to £15,000 each tax year. Private medical cover will also be provided until the end of 2020.

    As part of Juan Colombás’ buyout of retirement benefits from his employment with Santander, the Group agreed to make an unfunded promise of a lump-sum payment of £718,996 at a defined Normal Retirement Age (‘NRA’) of 65. The deed of terms between the Group and Juan Colombás provides that where his service ends before NRA for any reason other than Ill-Health Retirement, Dismissal for Cause or Voluntary Resignation, that the entitlement to the lump-sum payment continues and will be paid at NRA.

  • Further to the announcement by Lloyds Banking Group plc (the “Company”) on 31 October 2019, Anita Frew retired as a Non-Executive Director of the Company on 21 May 2020.

    In accordance with section 430 (2B) of the Companies Act 2006, the Company confirms that Anita will receive pro-rated Board, Nomination and Governance Committee, Audit Committee, Board Risk Committee, Remuneration Committee and Responsible Business Committee fees up to and including 21 May 2020 at the rates set out in the Company’s Annual Report & Accounts 2019. No other remuneration payment will be made by the Company to Anita after she ceased to be a Non-Executive Director of the Company, nor will any payment for loss of office be made.