Eric Daniels set for �2.85m reward if Lloyds shares strike 114p

By Philip Aldrick, Banking Editor 753PM GMT twenty-six March 2010

Lloyds Banking Group

The long-term inducement remuneration would come on tip of his 1.035m income and limit 2.3m annual bonus. However, it would additionally meant poignant worth generated for the state, that invested 20bn of taxpayer income in the bank at an normal of 73.6p. The shares fell 0.86 to 64.05p on Friday.

The package is not as inexhaustible as the understanding being thrashed out for Royal Bank of Scotland arch senior manager Stephen Hester, who could be awarded up to 400pc of his 1.2m income if sure targets are met. Mr Daniels contingency additionally grasp alternative goals to pick up the full award, that is right away set at a limit of 275pc of salary.

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Mr Daniels" preference not to take his 2.3m reward last year done him the lowest paid Lloyds senior manager in 2009. The bank"s alternative 4 management team common 4.2m in between them, carrying forgone all bonuses in 2008. A serve 5.3m of redeeming share awards, that will not vest for 3 years, was done to the senior manager team, of that Mr Daniels perceived 1.58m.

Lloyds" compensate was lilliputian by Standard Chartered, the rising markets bank that additionally published the annual inform on Friday. Michael Rees, head of the investment bank, perceived an $11m (7.4m) bonus, is on march for an additional $1.6m and warranted $936,780 in income last year creation him the best-paid director. He has a "target bonus" this year of $10m.

Mr Rees" sum $13.5m understanding was roughly as large as the $15.3m HSBC"s head of investment banking, Stuart Gulliver, warranted and compares with the $17.9m for Credit Suisse arch senior manager Brady Dougan. Mr Dougan is the most appropriate paid investment promissory note trainer this year. Coincidentally, Standard Chartered has right away forsaken Lloyds from the compensate counterpart organisation and combined Credit Suisse.

Peter Sands, arch executive, is handing his $3.2m annual reward to charity, but saw his simple compensate climb to 1m and is on march for $2.18m of long-term inducement awards. Mr Sands is authorised this year for a reward of up to $5m.