Wolfgang Berndt to step down from Lloyds remuneration committee

25 March 2010

Wolfgang Berndt, head of Lloyds Banking Group’s remuneration committee, has announced he will step down from the post at the financial institution’s annual general meeting in May.

Tony Watson, former chief executive officer at Hermes Pension Management and a director at Lloyds since 2009, will take over the role.

His predecessor has been a director with Lloyds since 2003 and head of the remuneration committee since 2005.

In a statement, the UK Financial Investments (UKFI) was quoted by Reuters as saying that Mr Berndt was “a very committed member of the Lloyds Board through an exceptionally challenging period, and we wish him the best as he steps down”.

According to newspaper reports, shareholders have criticised the actions of Berndt for approving a £2.3 million bonus for Lloyds chief executive officer Eric Daniels.

Mr Daniels opted to waiver the bonus for his performance in 2009 as part of a bid to deflate media and public anger over banker salaries.

Earlier in the year, Lloyds, which is 41 per cent owned by the government, reported a £6.3 billion loss for 2009.

By Jim Ottewill

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