Lloyds Banking Group has reduced its bonus pool, as a percentage of pre-bonus underlying profit before tax, from 12% in 2012 to 6% in 2013.
Its 2013 Full-year results showed that its group chief executive, Antonio Horta-Osorio, received an annual performance award of £1.7 million in shares, which is subject to additional performance conditions and deferred until 2019.
The results also showed:
- Approximately 78% of the total group bonus pool is deferred into shares.
- Bonus awards are 100% deferred for executive directors, who are required to retain any shares vesting from long-term incentive plan awards made since 2012 for a further two years (after deductions for tax and national insurance).
- For other employees, cash bonus awards are limited to £2,000, with any bonus over £2,000 subject to share-based deferral and performance adjustment.
The report stated: “We continue to forge strong links between performance, risk management and reward.
“Sound risk management underpins our remuneration policies and practices, manifested through our use of economic profit, among other metrics, to measure performance and in the determination of remuneration levels.
“The group’s bonus pool has been determined by reference to risk-adjusted performance, affordability and the views of key stakeholders.
“Material adjustments have been made to the pool in 2013 (as in 2012) to reflect the impacts of legacy items. The bonus pool, as a percentage of pre-bonus underlying profit before tax, has reduced from 12% in 2012 to 6%.”
Rise in employee engagement
The report also showed that Lloyd’s Banking Group’s 2013 employee survey had its highest-ever participation rate, with more than 75% taking part.
The employee engagement index, which shows the extent to which employees feel motivated to contribute to the success of the group, and are willing to apply discretionary effort to help the business succeed, rose to 64%, 16 points higher than in 2012.
Horta-Osorio said: “There are many factors that influence these scores.
“The ongoing delivery of our strategy, the achievement of key milestones, together with the recent start of our return to full private ownership, have all contributed to the improvement in engagement.”
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