Lloyds hit by investor backlash over new pay policy

Lloyds Banking Group has suffered a bruising backlash over its new three-year pay policy after more than a third of voting investors opposed the plan. The rebellion came after influential shareholder advisory group ISS told investors that although chief executive Antonio Horta-Osorio will take home £7m under the new policy, down from £9.8m, the new plan meant he had a "higher certainty of payout" in long-term bonuses. Critics argue that the proposals, shifting to a system that will r