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ABI sees amber over Lloyds’ remuneration report

The Association of British Insurers (ABI) has concerns about remuneration practices at the part-nationalised Lloyds Banking Group.

As the representative body of some of the bank’s leading shareholders, the ABI has issued an “amber alert” on a remuneration report that will be voted upon by shareholders at the group’s annual general meeting on 6th May.

News of the ABI’s stance comes just days after Barclays’ shareholders were advised to vote against the remuneration report at its annual general meeting, to be held at the end of this month.

The recommendation came from PIRC, a leading research and advisory consultancy that provides services to institutional investors on corporate governance and corporate social responsibility.

During last year’s official enquiries into the financial crisis, MPs criticised institutional shareholders for not having been more influential with banks’ boards in the months before the banking crisis erupted.

Comments (1)

One Response to ABI sees amber over Lloyds’ remuneration report

  1. kk says:

    ……I do not get this attitude towards the bankers and the remunation they deserve.
    We the citizens of this country have sat by when a man who thought his status within this country outstripped that of a demigod, he played a game of bluff with the bankers to see who blinked first, knowing full well the situation they were getting themselves into, but the bankers would never loose that bet their game is the ‘bet’ and they are our new ‘brigade’ in the newest of subtext wars…. who holds the purse strings , who holds the money, and here you are suddenly tying them up bound and gagged.
    We are about to get probably one of the most deft, articulate Prime Ministers of our time who can go to Washington and agree a working pact to retain the financial power in the West and along with that the moral leverage to change this Billion dollar bounty we pay out each month for a resource that is altering our planet at an unpresedented rate in living history, and what are they doing, they are taking away the very incentive that will keep the likes of Mr Tourre and co in our camp.
    What part of the word default does not scream ‘risk’ are you really suggesting the supply of cotton filled landing mats with every long deal, it ain’t paddy power, its the Stoick Exchange and we should be gratefull that finance is still in the west to go around again.
    Its time to come at this situation from another angle whilst we still have the influence to lead the band.



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