Lloyds boss given £3.6m in shares

Lloyds Banking Group annual report also shows that the bank is pumping up to 75% of his £1.06m salary into António Horta-Osório’s pension each year Bailed out Lloyds Banking Group has handed its new chief executive António Horta-Osório shares currently worth £3.6m to buy him out of pay deals at his previous employer, Spanish bank Santander. The annual report from Lloyds published on Wednesday also shows that the bank is pumping up to 75% of his £1.06m salary into his pension each year. He will also be handed cash of £516,000 in three equal tranches between 2011 and 2013. The scale of rewards outside the boardroom of the bank, which is 43% owned by the taxpayer, is also revealed under the Project Merlin agreement between the banks and the government. These show that five non-boardroom senior executives received between £4.8m and £1.4m. Their identities do not need to be published. Eric Daniels who was chief executive during this period, and who stepped down at the end of February to hand the helm to Horta-Osório, earned £2.5m in salary and bonuses for 2010. Chairman Sir Win Bischoff makes a “personal statement” in the annual report in which he outlines how he personally handed the approach to Horta-Osorio last year, after Daniels announced his retirement. The shares being handed to the former Santander banker do not pay out immediately and vest between now and 2013. His full pension entitlement will also be dependent on the share price performance of the bank in the coming five years. António Horta-Osório Executive pay and bonuses Banking Lloyds Banking Group Eric Daniels Project Merlin Jill Treanor guardian.co.uk

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