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Economical With The Truth?
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Date: 11th May 2009
When Group Executive Functions announced the bonus reductions in March it told staff that “For Lloyds TSB, the Group Annual Bonus Plan pot was reduced to 50% in Group Executive Functions and this was announced in January 2009. Subsequently, following discussions with UKFI, there have been further reductions to bonus awards.....”.
Mark Brown, Assistant General Secretary said "The clear implication of that sentence is that the decision to reduce bonuses again was as a result of discussions with UKFI. That is simply not true and Senior Management in Group Executive Function must have or should have known that what they were saying was misleading when they said it".
The decision to reduce the value of bonuses across the whole of the Lloyds Banking Group was made by the Group Executive Committee. At our last meeting UKFI confirmed that their role was limited to determining when and how bonuses would be paid and not at the level of individual bonus awards.
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