MANY remuneration committees do not know the size of the bonuses they are sanctioning when they sign off pay plans, the man who oversees executive awards at Lloyds Banking Group has asserted.
Anthony Watson, chairman of the remuneration committee at Lloyds, owner of Bank of Scotland, told the Association of British Insurers investment conference that non-executives on the boards he serves on have sought to hold down basic pay to keep a lid on related bonuses.
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