The boss of taxpayer-backed Lloyds Banking Group has said that he would not take his annual bonus for 2011 to reflect the "impact" his leave of absence had had on the bank.
Antonio Horta-Osorio, who returned to work earlier this week after taking two months off due to severe sleeping problems, said he acknowledged that his absence had had an impact both "inside and outside the bank, including for shareholders".
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| Lloyds Banking Group boss Antonio Horta-Osorio has said he will not take his annual bonus |
Lloyds, which is 40.2% state-owned, saw its shares slump when Mr Horta-Osorio stepped down, amid fears that his leave could become permanent and derail progress made on reviving the bank.
The 47-year-old Portuguese-born banker, whose pay and bonus entitlement will be revealed in the group's annual report next month, added that his bonus should reflect the performance of the bank but also the "tough financial circumstances that many people are facing".
The announcement follows a pledge from Prime Minister David Cameron to crack down on City pay, which would include introducing a binding vote for shareholders on executives' salaries.
©Press Association 2012
©Press Association 2012
