LONDON (Reuters) - State-backed Lloyds Banking Group said its highest paid executive was paid 2.8 million pounds for 2011 and its Chief Executive Antonio Horta-Osorio could receive almost 10 million shares under this year’s incentive plan.
Lloyds, 41 percent owned by the taxpayer, said its top paid executive — who it did not name — received a salary of 500,000 pounds, bonus of 2.15 million, and pension of 125,000.
The bank had already said Horta-Osorio would waive his bonus for 2011. He could receive 3.5 million pounds for last year, consisting of a salary of 1.06 million and up to 2.4 million from a long-term incentive plan if targets are hit.
He could get 9.6 million shares under a 2012 incentive plan, worth 3.3 million pounds, the bank said on Friday.
Reporting by Steve Slater; Editing by Mike Nesbit