LONDON, May 11 (Reuters) - Lloyds Banking Group's shareholders should reject the British bank's remunerationpolicy as pay for Chief Executive Antonio Horta-Osorio is"highly excessive", a shareholder advisory group said on Monday.
Pirc, an independent group that offers advice toinstitutional investors with assets of more than 1.5 trillionpounds, said shareholders should oppose Lloyds' remunerationreport at the bank's annual meeting on May 14.
Horta-Osorio was handed a pay package for 2014 worth 11.5million pounds.
Pirc also said investors should oppose the re-election ofits Chairman Norman Blackwell because he also chairs anotherFTSE-350 company, Interserve. However, Blackwell hassaid he will step down as chairman of Interserve no later thanits 2016 annual meeting.
Lloyds declined to comment. (Reporting by Matt Scuffham; Editing by Freya Berry)