Ex-Lloyds directors denied bonus

19 March 2012

Four ex-directors at Lloyds Banking Group will not receive payment for a long-term incentive plan (LTIP) set up during their time with the financier, it has emerged.

According to the Daily Telegraph, Lloyds has decided against releasing the shares listed under this initiative - which was related to the integration of HBOS into its business - in order to further punish the officials for their mismanagement of the firm.

Consequently, former chief executive Eric Daniels and directors Archie Kane and Truett Tate, as well as ex-retail banking manager Helen Weir, will not get the £2 million ($3.1 million) they could have been entitled to from the LTIP.

The quartet had been expected to get these shares under the scheme that was set up after HBOS had been incorporated into Lloyds' operations three years ago.

However, the bank's board believe it is in the interests of the company and its shareholders for no shares to be released under the LTIP.

By Tony Aynsley

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