May 23, 2019 / 10:16 AM / 2 months ago

Lloyds Bank CEO asked to explain pension perks to parliament

FILE PHOTO: A woman looks at her phone as she walks past a branch of Lloyds bank in London, Britain, July 20, 2018. REUTERS/Toby Melville/File Photo

LONDON (Reuters) - Lloyds Banking Group Chief Executive Antonio Horta-Osorio has been asked to explain in parliament the pension contributions paid to the lender’s executives.

Earlier this month senior lawmakers accused executives at Britain’s biggest domestic lender of “boundless greed” for failing to give up generous pension perks that eclipse those offered to its broader workforce.

Horta-Osorio has already waived part of the bank’s contributions to his pension pot this year, taking the annual payments to 33% of base salary from 46% previously, still more than double the 13% contributions made to less senior Lloyds staff.

Parliament’s work and pensions committee said on Thursday the hearing would take place before the summer recess.

“More details, including other organisations that may be invited to give evidence the same day, will be released in due course,” the committee said in a statement.

Lloyds said it had received the letter from the committee and will respond in due course.

At an annual meeting last week, Lloyds defended Horta-Osorio’s 6.3 million pound pay package. Chairman Norman Blackwell said executive awards were fair and justified given the lender’s turnaround in recent years.

In a vote at the meeting, the bank’s remuneration policy was backed by 92% of investors that cast their votes.

Reporting by Huw Jones and Sinead Cruise, editing by Kirsten Donovan

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