Technically not a clawback but a reduction in the number deferred shares to be awarded following the PPI debacle
As the Daily Telegraph reports today, Lloyds is to reduce the bonuses payable to some of its executive directors as a result of the Payment Protection Insurance scandal. Lloyds press release is here.
“The Board’s decision is based on the fact that had the outcome of the Judicial Review into Payment Protection Insurance in April 2011 been known, and had the consequential provision made been effected at the time of the award of the 2010 bonus in February 2011, the bonus pool would have been lower and individual bonus awards would also have been lower…The FSA has been kept informed throughout the deliberations leading up to the decision.”
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