Lloyds in bid to up top exec pay

LLOYDS Banking Group is seeking shareholder approval to boost the pay of its 400 most senior staff.

The bank, which the government still holds a 24.9 per cent stake in, wants the flexibility to pay its executives up to 200 per cent of their salaries via bonus awards.

The move comes ahead of new EU rules limiting bankers’ bonuses to a maximum of twice their fixed salary. The bank will distribute a circular to shareholders ahead of its 15 May annual general meeting, according to Sky News.