Lloyds prepares new bonus scheme

Lloyds Banking Group is drawing up plans for a multi-million pound incentive plan for its top managers, the Times has reported.

Earlier this year, Lloyds agreed it would not pay bonuses following public protest over incentives paid at state-sponsored banks.

A review of executive remuneration will be followed by an assessment of bonuses throughout the company.

Shareholders are expected to be given an opportunity to approve the proposals early in 2010.

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In a statement, Lloyds said: “We are currently in the early stages of this executive remuneration review.

“Any decisions that are taken will be made within the context of last week’s announcement about executive remuneration from the Treasury, the recommendations of the Walker review and the FSA code on remuneration.”