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UKFI backs Lloyds ahead of crucial annual meeting

UK FINANCIAL Investments (UKFI) &ndash; the body which manages the government&rsquo;s 43 per cent stake in Lloyds Banking Group &ndash; has confirmed it will not oppose resolutions at Lloyds&rsquo; annual meeting on Friday.<br /><br />The bank is likely to face significant shareholder ire over the takeover of HBOS, with some expected to vote against the re-election of directors associated with the deal, including Blank, who has promised to retire before the 2010 annual meeting.<br /><br />Some investors are also expected to vote against the pay package of chief executive Eric Daniels, who has said the bank did not do enough due diligence on HBOS. But UKFI, led by chief executive John Kingman, said: &ldquo;UKFI has made clear that we fully support the Lloyds board, strategy and executive team led by Eric Daniels.&rdquo;