Over 20% of shareholders voted against the Lloyds 2017 Remuneration Report. Lloyds then consulted with shareholders, but this still resulted in the awful recent press. Clearly the engagement process did not work.
I therefore call for Lloyds Bank to implement a Shareholder Committee, which is a more formal and regular engagement process, which builds trust and understanding between committee members and the company. This can only improve the current processes.
The Lloyds 2018 annual report says:
Responding to feedback
We were disappointed that our ...