Lloyds chief exec Horta-Osorio to get £1.7m bonus
LLOYDS Banking Group chief executive Antonio Horta-Osorio is expected to see his 2013 bonus hiked to £1.7m today.
Osorio raked in £1.5m in performance pay for 2012, and is expected to see his bonus boosted for 2013, though the payment is likely to be delayed for five years.
First reported by Sky News, Lloyds will reveal information on bonuses with results released today.
The payment is based on the group’s share price staying above 73.6p for six months, after a deal with UK Financial Investments, which manages the taxpayer’s stake in the bailed-out bank.
The price reflects the amount that the government paid for the shares in 2008. They have been trading for higher amounts since October last year. The price fell below 50p during a lull in Spring 2013.