Lloyds confirms Daniels will waive bonus

Lloyds Banking Group has issued a statement confirming that chief executive officer Eric Daniels will waive his right to a bonus for the second year in succession.‘Mr Daniels has taken this action because he believes that the excellent progress the group is making, based on the considerable contribution of many colleagues across the company, is in danger of being obscured by the current debate on executive bonus awards in the banking sector,’ the group’s chairman, Sir Win Bischoff, said.Appropriate 2009 bonus scheme awards will be made to other executive directors based on their individual performance and the performance of the group. These awards will be paid in shares, deferred until 2012, and will be subject to claw-back clauses.‘We believe that due to the strong platform built in the past year we are well positioned to deliver value for shareholders, including the taxpayer, both in the near and medium term,’ Bischoff said.The group is set to declare full year results on Friday, 26 February.