Banking: Bonuses

House of Lords written question – answered on 15th February 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether United Kingdom Financial Investments will be consulted by the remuneration committees of Lloyds Banking Group and Royal Bank of Scotland before those committees make decisions on bonuses in respect of 2010.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

UK Financial Investments (UKFI) manages the Government's investments in financial institutions on an arm's-length and commercial basis.

As an active and engaged shareholder, UKFI has engaged in discussions with Lloyds Banking Group and the Royal Bank of Scotland on their approach to remuneration.

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