Barclays, HSBC and NatWest shareholders already approved big pay rises after post Brexit loosening of remuneration rules
Lloyds Banking Group boss, Charlie Nunn, could be in line for a maximum annual pay packet worth more than £13m, as he becomes the latest boss to benefit from the UK’s controversial decision to lift a cap on banker bonuses.
The bank’s remuneration committee has begun drafting a new three-year executive pay policy that, for the first time, will take advantage of looser pay rules that have sent potential payouts soaring at rival banks.
That includes Barclays, where chief executive, CS Venkatakrishnan, was handed a 45% rise in maximum pay last year, giving him the chance to be paid up to £14.3m if he hits important business targets. HSBC similarly offered a 43% increase to boss Georges Elhedery, for a maximum payout of about £15m. Meanwhile, NatWest Group chief, Paul Thwaite, can now receive up to £7.7m for a single year’s work after shareholders approved a 43% increase in his maximum pay package last year.
If Lloyds follows suit and proposes a 45% rise in maximum pay for Nunn, he will be in line for a potential pay package worth up to £13.2m. The prospective sum, which would be put to a shareholder vote at its annual general meeting this spring, would be up from a current maximum pay offer of £9.1m.
