May 11, 2015 / 5:27 PM / 4 years ago

Lloyds shareholders urged to reject remuneration report

Lloyds Chief Executive Antonio Horta-Osorio speaks at the British Chambers of Commerce annual meeting in central London February 10, 2015. REUTERS/Stefan Wermuth

LONDON (Reuters) - Lloyds Banking Group’s (LLOY.L) shareholders should reject the British bank’s remuneration policy as pay for Chief Executive Antonio Horta-Osorio is “highly excessive”, a shareholder advisory group said on Monday.

Pirc, an independent group that offers advice to institutional investors with assets of more than 1.5 trillion pounds, said shareholders should oppose Lloyds’ remuneration report at the bank’s annual meeting on May 14.

Horta-Osorio was handed a pay package for 2014 worth 11.5 million pounds.

Pirc also said investors should oppose the re-election of its Chairman Norman Blackwell because he also chairs another FTSE-350 company, Interserve IRV.L. However, Blackwell has said he will step down as chairman of Interserve no later than its 2016 annual meeting.

Lloyds declined to comment.

Reporting by Matt Scuffham; Editing by Freya Berry

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