By Adria Calatayud

Lloyds Banking Group PLC said Wednesday that its remuneration committee has decided to cut 2021 long-term share-plan awards by 40% to reflect the group's performance last year, its current share price and shareholders' experience.

The FTSE 100 lender said it has committed to continue to pay staff their full salary, no matter how the pandemic affected what they do, and to give all permanent eligible staff a 400-pounds ($565) share award.

Lloyds said there will be no annual bonus pool for 2020 as its profit threshold wasn't met. Long-term share-plan awards for 2020 will be granted to a small number of senior staff, but there are fewer employees receiving awards than are eligible or who may have received awards in previous years, the bank said.

Chief Executive Antonio Horta-Osorio's total remuneration for 2020 is down 22% at GBP3.4 million, Lloyds said.

Members of Lloyds's executive committee confirmed in April that they would wave their right to be considered for a bonus award in respect of 2020 performance, the bank said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

February 24, 2021 10:19 ET (15:19 GMT)

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