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Lloyds investors revolt over pay as Noel Edmonds berates board

Noel Edmonds Lloyds HBOs

Lloyds Banking Group faced a stormy annual meeting in Edinburgh, with more than a fifth of investors voting against executive pay and TV presenter Noel Edmonds publicly berating the board.

More than over 20 per cent of the bank's shareholders cast ballots against the directors' remuneration report, which included a £6.42m pay packet for chief executive Antonio Horta-Osorio.

It came after advisory group Institutional Shareholders Services recommended the report be rejected on the grounds that Horta-Osorio's pay packet is nearly 100 times that of the average worker. It also flagged an "unduly complex" bonus structure and discrepancies between "pay and relative performance".

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