Last checked at 9 Mar 2018 14:00
9 March 2018
LLOYDS BANKING GROUP PLC ('GROUP') - NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMRs') IN ORDINARY SHARES OF THE GROUP OF 10 PENCE EACH ('SHARES')
On 21 February 2018, the Group published details of upcoming remuneration disclosures for the Group, including salary, Long-Term Incentive Plan (LTIP) vesting, Group Performance Share (bonus), Group Ownership Share (LTIP) awards and Fixed Share Awards for PDMRs ('Summary Remuneration Announcement'). Where awards had not yet been made, estimates were provided. The Group announces that the following awards were made on 6 March 2018.
This announcement should be read in conjunction with the Summary Remuneration Announcement and disclosures in the 2017 Annual Report and Accounts published on 21 February 2018. The 2017 Annual Report and Accounts is available on the 'Annual Reports' page in the 'Investors & Performance' section of the Group's website www.lloydsbankinggroup.com.
2017 Group Performance Share Awards
In line with requirements of the PRA Rulebook and FCA Remuneration Code (SYSC 19D), a maximum of 40 per cent of any variable remuneration awarded to Executive Directors and other members of the Group Executive Committee will be paid in 2018 (subject to applicable holding requirements). The remaining 60 per cent must be deferred.
For the 2017 Group Performance Share awards, £2,000 is paid in cash in March 2018 with the balance of the upfront 40 per cent delivered in Shares. 50 per cent of the upfront Shares will be delivered immediately and will be subject to a holding period ending in March 2019. The remaining 50 per cent will be delivered in June 2018 at the prevailing share price with the number of shares notified to the market at that time. The remaining 60 per cent of the 2017 Group Performance Share Award is deferred into Shares with 40 per cent vesting in 2019 and 20 per cent in 2020.
| Name | Number of Shares Awarded in March 2018(1) |
| |
| António Horta-Osório | 1,555,288 |
| |
| George Culmer | 704,426 |
| |
| Juan Colombás | 704,426 |
| |
| Karin Cook | 382,234 |
| |
| Antonio Lorenzo | 598,468 |
| |
| Vim Maru | 593,881 |
| |
| Zak Mian | 752,996 |
| |
| David Oldfield | 656,320 |
| |
| Janet Pope | 317,406 |
| |
| Stephen Shelley | 604,673 |
| |
| ||||
1 | Based on a Share price of 68.027 pence being the average of the closing Share price of the five trading days prior to the date of award. This is the maximum number of Shares under award which will be subject to income tax and national insurance contributions on vesting. |
| ||
Group Ownership Share Plan - 2018 awards
Awards for the 2017 performance period were made on 6 March under the rules of the 2016 Long-Term Incentive Plan. The 2018 awards are subject to a three-year performance period with vesting between the third and seventh anniversary of award, on a pro-rata basis.
Name | Maximum number of Shares awarded(1)(2) | Expected value(3) |
António Horta-Osório | 6,725,221 | £2,287,483 |
George Culmer | 3,860,925 | £1,317,927 |
Juan Colombás | 3,807,302 | £1,294,997 |
Karin Cook | 2,772,003 | £942,855 |
Antonio Lorenzo | 3,753,678 | £1,276,757 |
Vim Maru | 3,587,703 | £1,220,303 |
Zak Mian | 3,224,453 | £1,096,749 |
David Oldfield | 3,753,678 | £1,276,760 |
Janet Pope | 1,708,180 | £581,012 |
Stephen Shelley | 2,308,867 | £785,327 |
1 | Based on a Share price of 68.027 pence being the average of the closing Share price of the five trading days prior to the date of award. As regulations prohibit the payment of dividend equivalents on awards in 2018 and subsequent years, the number of Shares subject to award has been determined by applying a discount factor to the Share price on award, as previously disclosed. The Remuneration Committee has approved an adjustment of 25 per cent for colleagues who are senior managers, including the Executive Directors.
|
2 | Vesting determined in 2021 subject to the satisfaction of stretching performance targets over the performance period ending 31 December 2020.
|
3 | The values for the Group Ownership Shares awards are shown at an expected value of 50 per cent of maximum value and before deduction of income tax and NIC. The actual vesting value will depend on the achievement of performance conditions and the Share price at the date of vesting. These awards are subject to clawback for at least seven years from the date of award. |
ENQUIRIES:
Investor Relations Douglas Radcliffe Group Investor Relations Director Email: douglas.radcliffe@finance.lloydsbanking.com
Group Corporate Affairs Fiona Laffan Director of Corporate Communications Email: fiona.laffan@lloydsbanking.com |
+44 (0) 20 7356 1571
+44 (0) 20 7356 2081 |
9 March 2018
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||
a) | Name
| António Horta-Osório | |||
2 | Reason for the notification
| ||||
a) | Position/status
| Group Chief Executive | |||
b) | Initial notification / Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a) | Name
| Lloyds Banking Group plc | |||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a) | Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
GB0008706128 | |||
b) | Nature of the transaction
| Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards | |||
c) | Price(s) and volume(s) | ||||
Price(s)
| Volume(s) | ||||
Award of Shares - 2017 Group Performance Share Award
| GBP00.68027 | 1,555,288 | |||
Award of Shares - Group Ownership Share Plan - 2018 awards | GBP00. 68027 | 6,725,221 | |||
d) | Aggregated information
- Aggregated volume
- Price |
8,280,509
GBP00.68027
| |||
e) | Date of the transaction
| 6 March 2018 | |||
f) | Place of the transaction | Outside a trading venue
| |||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||
a) | Name
| George Culmer | |||
2 | Reason for the notification
| ||||
a) | Position/status
| Chief Financial Officer
| |||
b) | Initial notification / Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a) | Name
| Lloyds Banking Group plc | |||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a) | Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
GB0008706128 | |||
b) | Nature of the transaction
| Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards | |||
c) | Price(s) and volume(s) | ||||
Price(s)
| Volume(s) | ||||
Award of Shares - 2017 Group Performance Share Award
| GBP00.68027 | 704,426 | |||
Award of Shares - Group Ownership Share Plan - 2018 awards | GBP00. 68027 | 3,860,925 | |||
d) | Aggregated information
- Aggregated volume
- Price |
4,565,351
GBP00.68027
| |||
e) | Date of the transaction
| 6 March 2018 | |||
f) | Place of the transaction | Outside a trading venue
| |||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||
a) | Name
| Juan Colombás
| |||
2 | Reason for the notification
| ||||
a) | Position/status
| Chief Operating Officer
| |||
b) | Initial notification / Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a) | Name
| Lloyds Banking Group plc | |||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a) | Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
GB0008706128 | |||
b) | Nature of the transaction
| Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards | |||
c) | Price(s) and volume(s) | ||||
Price(s)
| Volume(s) | ||||
Award of Shares - 2017 Group Performance Share Award | GBP00.68027 | 704,426 | |||
Award of Shares - Group Ownership Share Plan - 2018 awards | GBP00. 68027 | 3,807,302 | |||
d) | Aggregated information
- Aggregated volume
- Price |
4,511,728
GBP00.68027
| |||
e) | Date of the transaction
| 6 March 2018 | |||
f) | Place of the transaction | Outside a trading venue
| |||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||
a) | Name
| Karin Cook
| |||
2 | Reason for the notification
| ||||
a) | Position/status
| Group Services Director
| |||
b) | Initial notification / Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a) | Name
| Lloyds Banking Group plc | |||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a) | Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
GB0008706128 | |||
b) | Nature of the transaction
| Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards | |||
c) | Price(s) and volume(s) | ||||
Price(s)
| Volume(s) | ||||
Award of Shares - 2017 Group Performance Share Award
| GBP00.68027 | 382,234 | |||
Award of Shares - Group Ownership Share Plan - 2018 awards | GBP00. 68027 | 2,772,003 | |||
d) | Aggregated information
- Aggregated volume
- Price |
3,154,237
GBP00.68027
| |||
e) | Date of the transaction
| 6 March 2018 | |||
f) | Place of the transaction | Outside a trading venue
| |||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||
a) | Name
| Antonio Lorenzo
| |||
2 | Reason for the notification
| ||||
a) | Position/status
| Chief Executive, Scottish Widows and Group Director, Insurance and Wealth
| |||
b) | Initial notification / Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a) | Name
| Lloyds Banking Group plc | |||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a) | Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
GB0008706128 | |||
b) | Nature of the transaction
| Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards | |||
c) | Price(s) and volume(s) | ||||
Price(s)
| Volume(s) | ||||
Award of Shares - 2017 Group Performance Share Award
| GBP00.68027 | 598,468 | |||
Award of Shares - Group Ownership Share Plan - 2018 awards | GBP00. 68027 | 3,753,678 | |||
d) | Aggregated information
- Aggregated volume
- Price |
4,352,146
GBP00.68027
| |||
e) | Date of the transaction
| 6 March 2018 | |||
f) | Place of the transaction | Outside a trading venue | |||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||
a) | Name
| Vim Maru
| |||
2 | Reason for the notification
| ||||
a) | Position/status
| Group Director, Retail
| |||
b) | Initial notification / Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a) | Name
| Lloyds Banking Group plc | |||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a) | Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
GB0008706128 | |||
b) | Nature of the transaction
| Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards | |||
c) | Price(s) and volume(s) | ||||
Price(s)
| Volume(s) | ||||
Award of Shares - 2017 Group Performance Share Award
| GBP00.68027 | 593,881 | |||
Award of Shares - Group Ownership Share Plan - 2018 awards | GBP00. 68027 | 3,587,703 | |||
d) | Aggregated information
- Aggregated volume
- Price |
4,181,584
GBP00.68027
| |||
e) | Date of the transaction
| 6 March 2018 | |||
f) | Place of the transaction | Outside a trading venue
| |||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||
a) | Name
| Zak Mian
| |||
2 | Reason for the notification
| ||||
a) | Position/status
| Group Director, Transformation
| |||
b) | Initial notification / Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a) | Name
| Lloyds Banking Group plc | |||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a) | Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
GB0008706128 | |||
b) | Nature of the transaction
| Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards | |||
c) | Price(s) and volume(s) | ||||
Price(s)
| Volume(s) | ||||
Award of Shares - 2017 Group Performance Share Award
| GBP00.68027 | 752,996 | |||
Award of Shares - Group Ownership Share Plan - 2018 awards | GBP00. 68027 | 3,224,453 | |||
d) | Aggregated information
- Aggregated volume
- Price |
3,977,449
GBP00.68027
| |||
e) | Date of the transaction
| 6 March 2018 | |||
f) | Place of the transaction | Outside a trading venue
| |||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||
a) | Name
| David Oldfield
| |||
2 | Reason for the notification
| ||||
a) | Position/status
| Group Director, Commercial Banking
| |||
b) | Initial notification / Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a) | Name
| Lloyds Banking Group plc | |||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a) | Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
GB0008706128 | |||
b) | Nature of the transaction
| Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards | |||
c) | Price(s) and volume(s) | ||||
Price(s)
| Volume(s) | ||||
Award of Shares - 2017 Group Performance Share Award
| GBP00.68027 | 656,320 | |||
Award of Shares - Group Ownership Share Plan - 2018 awards | GBP00. 68027 | 3,753,678 | |||
d) | Aggregated information
- Aggregated volume
- Price |
4,409,998
GBP00.68027
| |||
e) | Date of the transaction
| 6 March 2018 | |||
f) | Place of the transaction | Outside a trading venue
| |||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||
a) | Name
| Janet Pope
| |||
2 | Reason for the notification
| ||||
a) | Position/status
| Chief of Staff and Group Director, Corporate Affairs and Responsible Business & Inclusion | |||
b) | Initial notification / Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a) | Name
| Lloyds Banking Group plc | |||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a) | Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
GB0008706128 | |||
b) | Nature of the transaction
| Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards | |||
c) | Price(s) and volume(s) | ||||
Price(s)
| Volume(s) | ||||
Award of Shares - 2017 Group Performance Share Award
| GBP00.68027 | 317,406 | |||
Award of Shares - Group Ownership Share Plan - 2018 awards | GBP00. 68027 | 1,708,180 | |||
d) | Aggregated information
- Aggregated volume
- Price |
2,025,586
GBP00.68027
| |||
e) | Date of the transaction
| 6 March 2018 | |||
f) | Place of the transaction | Outside a trading venue
| |||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||
a) | Name
| Stephen Shelley
| |||
2 | Reason for the notification
| ||||
a) | Position/status
| Chief Risk Officer
| |||
b) | Initial notification / Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a) | Name
| Lloyds Banking Group plc | |||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a) | Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
GB0008706128 | |||
b) | Nature of the transaction
| Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards | |||
c) | Price(s) and volume(s) | ||||
Price(s)
| Volume(s) | ||||
Award of Shares - 2017 Group Performance Share Award
| GBP00.68027 | 604,673 | |||
Award of Shares - Group Ownership Share Plan - 2018 awards | GBP00. 68027 | 2,308,867 | |||
d) | Aggregated information
- Aggregated volume
- Price |
2,913,540
GBP00.68027
| |||
e) | Date of the transaction
| 6 March 2018 | |||
f) | Place of the transaction | Outside a trading venue
| |||