Antonio Horta-Osorio, chief executive of Lloyds Banking Group, has said today he will not take an annual bonus for 2011.
He has just returned from a two month absence due to fatigue and acknowledged that had had an "impact" on the bank.
I can’t argue with that Antonio - Shares in Lloyds - which is 41% state-owned - fell more than 60% in 2011.
His basic pay is £1.06m a year,and he would have been eligible for bonus payments of up to 225% of that.
Credit where credit is due (excuse the pun). I know times are hard and “We are all in this together,” but I’m too selfish to make a generous sacrifice of a 225% pay cut like Antonio. :P
Sorry in advance - I just couldn't resist it.
