Lloyds Banking Group (LLOY) has awarded new long-term incentive plan shares to its most senior executives, including Chief Executive Charlie Nunn and Chief Financial Officer William Chalmers, following shareholder approval of the bank’s updated remuneration policy at its 2026 annual general meeting.
The awards, disclosed in a regulatory filing on May 21, granted Nunn 6,685,044 ordinary shares and Chalmers 3,837,506 shares under the 2026 Long Term Incentive Plan, with vesting split across two tranches and subject to mandatory post-vesting holding periods.
The LTIP awards are tied to performance measured over the three-year period from 2026 to 2028 and assessed against a combination of financial targets, strategic objectives, and sustainability metrics designed to align executive pay with long-term shareholder value.
Newly appointed senior managers also received LTIP awards on the same performance terms, with John Langley receiving 2,430,251 shares and Amanda Murphy 1,458,151 shares, both vesting on a 75%/25% split after three and four years respectively.
Group Chief Operating Officer Ron van Kemenade separately acquired 99,631 shares through the exercise of share buyout awards for nil consideration on the same date, a transaction also disclosed in the filing.
A number of other senior managers, including Kate Cheetham and Jasjyot Singh, acquired smaller share amounts through reinvestment of the 2025 final dividend under the bank’s Share Incentive Plan.
The disclosures comply with UK market abuse regulations requiring persons discharging managerial responsibilities to publicly report transactions in their employer’s securities, and are not expected to have any material impact on Lloyds’ capital position.
Lloyds’ use of equity-based variable pay is intended to ensure that the financial rewards available to senior leadership are directly linked to the outcomes delivered for shareholders over a multi-year horizon, rather than short-term performance alone.
The bank operates through brands including Lloyds Bank and serves both retail and commercial customers across the United Kingdom, making it one of the country’s most systemically significant financial institutions.
The most recent analyst rating on Lloyds ordinary shares carries a buy recommendation with a price target of £115, reflecting a broadly constructive view of the bank’s earnings trajectory and capital returns outlook.
