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Banking: Bonuses

House of Lords written question – answered on 8th June 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether UK Financial Investments voted its shares in Lloyds Banking Group to approve the report endorsing the payments of bonuses to Mr Eric Daniels.

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

The banks, in which the Government are a shareholder, are managed on an arm's-length and commercial basis by UK Financial Investments (UKFI). UKFI votes all its voting shares wherever it is eligible to do so.

UKFI has disclosed on its website that it voted in favour of all resolutions at the annual general meeting of Lloyds Banking Group on 18 May 2011, including the resolution on the director's remuneration report for the year ended 31 December 2010.

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