Lloyds Banking To Return Surplus Capital To Shareholders In Due Course

(RTTNews) - Lloyds Banking Group plc (LLOY.L, LYG) said, following a solid start to 2020, the Group is now seeing the emerging economic impact of the coronavirus crisis and this will be reflected in its performance going forward. The Group said it is in a strong financial position and its balance sheet remains well positioned for the current environment.

At the virtual shareholder event, the Chairman, Lord Blackwell, reassured shareholders that the Board remains committed to returning surplus capital to shareholders in due course both through future dividends and potential share buy backs as appropriate.

The Group's Group Executive Committee have asked that they do not receive an annual bonus under the 2020 Group Performance Share Award. The Group Chief Executive and Chief Operating Officer also independently requested not to receive Group Performance Share awards for 2019.

The Group is also introducing a new long-term variable reward, known as the Long Term Share Plan, to replace the current Group Ownership scheme. As a result of the changes, the maximum total compensation for the Group Chief Executive is reducing by almost 30 percent.