SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
24
February 2021
LLOYDS BANKING GROUP
plc
(Translation of registrant's name into
English)
5th Floor
25 Gresham Street
London
EC2V 7HN
United Kingdom
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F..X.. Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No ..X..
If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule
12g3-2(b):
82- ________
Index
to Exhibits
Item
No.
1 Regulatory News Service Announcement, dated 24 February
2021
re: Summary
Remuneration Announcement
24 February 2021
LLOYDS BANKING GROUP PLC - SUMMARY REMUNERATION
ANNOUNCEMENT
The purpose of this voluntary announcement is to supplement the
details published today in the Directors' Remuneration Report and
provide additional transparency on the remuneration awards for the
Persons Discharging Managerial Responsibilities
(PDMRs).
Where awards have not yet been made, estimates have been provided.
A statement will be provided to the market following the actual
awards in the normal way.
Stuart Sinclair, the Chair of Remuneration Committee
said:
"The unprecedented events of 2020 and the impact of the coronavirus
pandemic have led the Remuneration Committee to make decisions on
remuneration outcomes that reflect the experiences of our
customers, colleagues and shareholders. We recognise the need for
restraint in the remuneration outcomes for Executive Directors and
other senior colleagues, while ensuring additional support was
targeted toward our customer facing colleagues in recognition of
their tremendous efforts in continuing to support our
customers."
Further details on the Group's support for colleagues during 2020
are included in the Annual Report and Accounts published today, but
in summary:
-
The
Group committed to continue to pay colleagues their full salary, no
matter how the pandemic affected what they do for the Group or what
their personal circumstances are.
-
In
July 2020, the Group awarded 40,000 predominantly customer-facing
colleagues a one-off £250 cash recognition award to say thank
you for their support and recognise the incredible commitment shown
to our customers and communities throughout the
pandemic.
-
Today
we are announcing a £400 share award for all permanent
eligible colleagues across the Group to recognise the considerable
role that all colleagues have played in supporting customers in
2020 and the part they will play in delivering the next phase of
our strategy. These free shares that vest after three years ensure
that each and every colleague has a personal interest in the
longer-term success of the Group.
-
We
have increased the minimum level of employer contribution for those
colleagues in our Defined Contribution pension schemes from 8% to
9%, with an increased maximum employer contribution of
15%.
What awards are being made in respect of 2020
performance?
-
Recognition awards (cash and
shares): In July 2020, we made
a cash award of £250 to almost 40,000 colleagues and are now
making a further £400 share recognition award to all permanent
eligible colleagues across the Group. The £250 cash payment
combined with the average above-inflation pay awards made to these
colleagues in April 2020 ensured that on average total remuneration has
stayed flat for almost half our colleagues from 2019 to 2020,
despite the absence of any Group Performance Share
awards.
-
Consistent with the framework set by the
Remuneration Committee at the start of the year, the impact of the
pandemic on our financial results means that there will
be no
annual bonus pool (Group Performance Share) for
2020 as the profit
threshold has not been met.
-
Members
of our Group Executive Committee confirmed in April 2020 that,
regardless of Group and individual performance through the
remainder of 2020, they would waive their right to be considered
for a bonus award in respect of 2020 performance; an early decision
that the Remuneration Committee welcomed.
-
The
outcome on the Group Performance Share is in no way reflective of
the hard work, commitment and sacrifice that our colleagues have
made throughout the year to keep our business running and help our
customers. The Remuneration Committee acknowledges that
colleague reward was considerably affected by external factors in
2020 and intends that for fairness, just as Group Performance Share
awards absorbed the impact of the fall in profitability, if there
are Group Performance Share awards for 2021 then these should
participate in any recovery in profitability.
-
Long Term Share Plan
(restricted share) awards will be granted to a small number of senior
colleagues to ensure there is alignment to shareholder experience
and retain critical talent through the next phase of the Group's
strategic delivery. There are fewer colleagues receiving
awards under the Long Term Share Plan than are eligible, or who may
have received awards under the Executive Group Ownership Share in
previous years.
-
Details
are provided in Table 1 below, but in summary:
o
There
is no Long Term Share Plan award for the Group Chief Executive as
he will leave the Group in April 2021.
o
The
Chief Financial Officer will receive an award of 75 per cent of
base salary against a normal range of 125 per cent to 150 per cent,
which the Remuneration Committee reduced by 40 per cent to scale
the award and ensure there is a consistent approach applied for all
recipients of LTSP awards and supports a 'one team' ethos across
the Group's senior management team.
o
Awards
for Executive Directors, PDMRs and other senior colleagues are
deferred in line with regulatory requirements for up to seven
years.
o
Vesting
of awards is subject to an assessment of performance against three
financial underpins.
o
Awards
totalling £32.9m are being made to senior colleagues, of which
PDMRs are due to receive £4.1m.
-
The Group Chief Executive's
total remuneration in 2020 is down 22 per cent
year-on-year as shown in
the single figure table provided below. By comparison, we
have protected the total remuneration for our lowest paid
colleagues.
What awards are vesting in 2021 in respect of prior
years?
-
The majority of awards being
disclosed relate to prior year deferrals or long-term
incentives.
-
A
portion of Group Performance Share awards made in respect of 2018
and 2019 are vesting in March 2021. Details of the
shares vesting to PDMRs can be found in Table 2 below. These
awards granted in March 2019 and March 2020 respectively were
deferred taking account of regulatory requirements. 50 per
cent of the shares that vest will remain subject to a holding
period of a further 12 months.
-
Despite
the unprecedented impact created by the pandemic on the Group's
financial results, there has been no restatement of in-flight
targets under the Executive Group Ownership Share. Notwithstanding
the challenging economic environment, strong delivery of the
non-financial and strategic measures in the Executive Group
Ownership Share awards made in 2018 resulted in vesting at 33.75
per cent of maximum. None of the financial measures have
vested. Details of the first tranche of shares vesting in
March 2021 subject to a further two-year holding period can be
found in Table 3 below. The remaining shares will be released
annually in equal tranches until 2025 and remain subject to holding
periods of 12 months.
-
As
previously reported, the Executive Group Ownership Share awards
granted in 2017 vested at 49.7 per cent in March 2020 will be
released annually in equal tranches until 2024, with the second
tranche due for release in March 2021 shown in Table
4.
Long Term Share Plan - 2021 awards
To ensure alignment to shareholder experience and retention of key
staff the Remuneration Committee supported making awards under the
new LTSP. The Remuneration Committee took the decision that the
level of LTSP awards should be reduced by 40 per cent to reflect
the Group's performance in 2020, the current share price and the
wider experience of shareholders.
Awards for the 2020 performance period are expected to be made in
March 2021 under the rules of the new 2021 LTSP. The LTSP is
subject to underpin thresholds applicable for the first three years
from grant, with vesting spread between the third and seventh
anniversary of the award for Executive Directors, PDMRs and other
senior colleagues in line with regulatory requirements. No
awards vest earlier than the third anniversary.
There is no LTSP award for the Group Chief Executive as he will
leave the Group in April 2021.
TABLE 1
Name
|
Number of
|
|
Expected
|
|
shares
|
|
value (3)
|
|
awarded (1)(2)
|
|
|
António
Horta-Osório
|
-
|
|
-
|
William
Chalmers
|
1,579,553
|
|
£608,128
|
Antonio
Lorenzo
|
1,535,677
|
|
£591,236
|
Vim
Maru
|
1,535,677
|
|
£591,236
|
Zaka
Mian
|
1,401,851
|
|
£539,713
|
David
Oldfield
|
1,535,677
|
|
£591,236
|
Janet
Pope
|
831,051
|
|
£319,955
|
Stephen
Shelley
|
1,401,851
|
|
£539,713
|
Andrew
Walton
|
894,155
|
|
£344,250
|
1
|
Based
on a share price of 38.50 pence. The actual number of shares
awarded will be determined by the average of the closing share
price of the five trading days prior to the date of
award.
|
2
|
The
awards will be subject to the delivery of underpins over three
years ending 31 December 2023.
|
3
|
The
values for the LTSP awards are shown at full value and before
deduction of income tax and NIC. The actual vesting value is
subject to the delivery of the underpins 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.
|
2020 Group Performance Share Awards
There are no Group Performance Share (annual bonus) awards for
2020.
In order to be able to pay Group Performance Share awards under the
plan, a threshold level of Underlying Profit has to be met.
At the start of 2020, the target Underlying Profit was set at
£5.7bn. The target was set when the full impact of the
pandemic was not yet known. Our actual Underlying Profit for
2020 was £2.2bn. This is 62 per cent below our target and
means we have not met the financial threshold for making awards. As
a result, nobody at any level of the business is receiving a Group
Performance Share award in respect of 2020 performance with the
Group.
Deferred Group Performance Share Awards for 2018 and 2019
Performance
Deferred Group Performance Share Awards are due to be released in
2021 which relate to performance in 2018 and 2019.
In accordance with the Group's deferral policy, subject to any
longer deferral required by regulatory requirements, for the 2018
and 2019 awards shares subject to deferral are released over a
period of two years in March of each year. 50 per cent of the
gross number of shares subject to the 2018 and 2019 Group
Performance Share Award are subject to a holding period on release
ending March 2022.
The Group expects that, after the settlement of estimated income
tax and national insurance contributions, the PDMRs listed in the
table below will receive in 2021 the number of shares (for no
payment) as set out by their name in March.
TABLE 2
Name
|
Shares(2018 deferral)
|
Shares (2018 deferral
subject to hold)
|
Shares (2019 deferral)
|
Shares (2019 deferral
subject to hold)
|
António
Horta-Osório
|
98,994
|
98,995
|
-
|
-
|
William
Chalmers
|
-
|
-
|
41,929
|
41,929
|
Antonio
Lorenzo
|
50,784
|
50,787
|
36,385
|
36,385
|
Vim
Maru
|
41,150
|
41,154
|
44,257
|
44,257
|
Zaka
Mian
|
35,773
|
35,778
|
33,785
|
33,785
|
David
Oldfield
|
39,189
|
39,192
|
-
|
-
|
Janet
Pope
|
23,298
|
23,302
|
24,882
|
24,882
|
Stephen
Shelley
|
39,302
|
39,305
|
32,642
|
32,642
|
Andrew
Walton
|
-
|
-
|
33,816
|
33,816
|
Release of Executive Group Ownership Awards granted in March
2018
The Executive Group Ownership Share (GOS) awards granted in 2018
are vesting at 33.75 per cent of the maximum, as detailed in the
table below.
This reflects the challenging economic conditions and the resulting
impact on our financial strategic measures as well as the Group's
strong delivery of the non-financial measures over the three
financial years ended 31 December 2020.
Weighting
|
Measure
|
Threshold
|
Maximum
|
Actual
|
Vesting
|
30%
|
Absolute Total
Shareholder Return
|
8%
|
12.0%
|
-15.1%
|
0%
|
25%
|
Statutory Economic
Profit
|
£2,300m
|
£3,451m
|
£688m
|
0%
|
10%
|
Cost :
Income Ratio
|
46.4%
|
43.9%
|
55.3%
|
0%
|
10%
|
Customer
Satisfaction
|
3rd
|
1st
|
1st
|
10%
|
7.5%
|
Digital
NPS
|
64.0%
|
67.0%
|
67.6%
|
7.5%
|
7.5%
|
Employee Engagement
Index
|
+5%
vs
UK
norm
|
+2% vs
UK
high
performing norm
|
+6% vs
UK high performing norm
|
7.5%
|
5%
|
FCA
reportable complaints per 1000
|
2.97
|
2.69%
|
2.47%
|
5%
|
5%
|
FOS
Uphold Rate
|
29%
|
25%
|
26%
|
3.75%
|
The Group expects that, after the settlement of income tax and
national insurance contributions, the PDMRs listed in the table
below will receive in March the number of shares as set out by
their name, following the vesting of the first tranche of the GOS
awards granted in March 2018. Executive Directors and
Material Risk Takers (as identified at the time of the
award in March 2018) are required to retain any shares vesting
for a further two years.
TABLE 3
Name
|
Shares
|
António
Horta-Osório
|
240,594
|
William
Chalmers
|
-
|
Antonio
Lorenzo
|
134,287
|
Vim
Maru
|
128,349
|
Zaka
Mian
|
115,354
|
David
Oldfield
|
134,287
|
Janet
Pope
|
61,110
|
Stephen
Shelley
|
82,599
|
Andrew
Walton
|
-
|
Release of Group Ownership Share Awards granted in March
2017
The second tranche of the Executive Group Ownership Share Plan
(GOS) awards granted in March 2017 vest at 49.7 per
cent.
In this respect, the Group announces that, after the settlement of
income tax and national insurance contributions, the PDMRs listed
in the table will receive (for no payment) the
number of shares (including shares in respect of dividend
equivalents) as set out by their name, following the vesting of the
second tranche of the GOS awards granted in March
2017. The shares remain subject to a holding period
of a further 12 months.
TABLE 4
Name
|
Shares
|
António
Horta-Osório
|
325,292
|
William
Chalmers
|
-
|
Antonio
Lorenzo
|
194,183
|
Vim
Maru
|
144,594
|
Zaka
Mian
|
95,365
|
David
Oldfield
|
138,682
|
Janet
Pope
|
35,994
|
Stephen
Shelley
|
67,990
|
Andrew
Walton
|
-
|
2021 Executive Director Base Salaries
Executive salary levels are set in the context of all colleague
salaries, for which a budget of 1.2 per cent was agreed, including
funding to ensure a minimum salary award of £400 for eligible
colleagues.
There are no pay increases proposed for António
Horta-Osório and William Chalmers and only limited awards made
to other senior colleagues where they are paid below market rate,
creating a retention risk.
Fixed Share Awards in 2021
After the settlement of income tax liabilities and national
insurance contributions, shares are due to be acquired on behalf of
the PDMRs as listed in the table below in respect of each
quarter. The shares will be held on behalf of the PDMRs and
will be released over three years, with one-third becoming
unrestricted each year on the anniversary of the
award.
TABLE 5
Name
|
Quarterly
shares awarded (1)
|
|
António
Horta-Osório
|
361,364
|
|
William
Chalmers
|
173,454
|
|
Antonio
Lorenzo
|
172,009
|
|
Vim
Maru
|
172,009
|
|
Zaka
Mian
|
156,591
|
|
David
Oldfield
|
168,636
|
|
Janet
Pope
|
120,454
|
|
Stephen
Shelley
|
171,045
|
|
Andrew
Walton
|
120,454
|
|
1
|
Based
on a share price of 38.50 pence. The actual number of shares
awarded after the settlement of income tax and national insurance
contributions will be determined by the share price on the date of
award.
|
|
|
|
|
|
|
Shareholding Requirement
Executives are expected to build and maintain a company
shareholding in direct proportion to their remuneration to align
their interests to those of shareholders. The minimum shareholding
requirements Executive Directors are expected to meet are as
follows; 350 per cent of base salary for the GCE and 250 per cent
of base salary for other Executive Directors. The shareholding
requirement for members of the Executive Committee is 100 per cent
of the aggregate of base salary and fixed share award. Newly
appointed individuals will have three years from appointment to
achieve the shareholding requirement.
Requirements for Executive Directors
As at 31 December 2020, the Group Chief Executive continued to meet
his shareholding requirements, holding 643 per cent of his salary
in shares. The Chief Financial Officer currently holds 153 per cent
of his salary in shares and has until 2 June 2022 to achieve the
requirement. These figures are calculated using the average share
price for the period 1 January 2020 to 31 December 2020 (35.79
pence).
Under the Group Shareholding Policy, an average share price is used
to value the shareholding, calculated over the year 1 April to 31
March. The current economic climate has had a significant
impact on the share price which led to the Remuneration Committee
temporarily suspending the policy until January 2022 when it will
be reviewed again. It is expected shareholding levels should
continue, as the Policy will restart at a future date.
In addition to the Group's shareholding requirements, shares
vesting are subject to holding periods in line with regulatory
requirements. The following table sets out the total
shareholding for each of the PDMRs as at 31 December
2020.
Name
|
Shareholding
at
31
December
20201
|
António
Horta-Osório
|
23,267,902
|
William
Chalmers
|
3,454,344
|
Antonio
Lorenzo
|
10,280,716
|
Vim
Maru
|
6,425,072
|
Zaka
Mian
|
4,301,754
|
David
Oldfield
|
4,990,177
|
Janet
Pope
|
3,534,881
|
Stephen
Shelley
|
4,334,616
|
Andrew
Walton
|
942,816
|
1
|
Includes
shares owned outright reduced by forfeitable Matching Shares under
the Share Incentive Plan, plus the estimated net number of vested
unexercised options.
|
2020 Executive Director Remuneration Outcome Table
The following table summarises the total remuneration delivered
during 2020 in relation to service as an Executive
Director.
|
António
Horta-Osório
|
William Chalmers
|
Juan Colombás
|
Totals
|
£000
|
2020
|
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
2019
|
Base
salary
|
1,295
|
1,269
|
807
|
331
|
572
|
795
|
2,674
|
2,395
|
Fixed
share award
|
1,050
|
1,050
|
504
|
252
|
357
|
497
|
1,911
|
1,799
|
Benefits
|
159
|
166
|
45
|
19
|
71
|
74
|
275
|
259
|
Pension
allowance
|
194
|
419
|
121
|
83
|
85
|
199
|
400
|
701
|
Total
Fixed Pay
|
2,698
|
2,904
|
1,477
|
685
|
1,085
|
1,565
|
5,260
|
5,154
|
Group
Performance Share1
|
0
|
0
|
0
|
81
|
0
|
0
|
0
|
81
|
Long-term
incentive23
|
740
|
1,518
|
0
|
0
|
384
|
843
|
1,124
|
2,361
|
Total
variable pay
|
740
|
1,518
|
0
|
81
|
384
|
843
|
1,124
|
2,361
|
Other
remuneration4
|
2
|
2
|
0
|
0
|
0
|
1
|
2
|
3
|
Buy-out
|
0
|
0
|
0
|
4,378
|
0
|
0
|
0
|
4,378
|
Total
remuneration
|
3,440
|
4,424
|
1,477
|
5,144
|
1,469
|
2,409
|
6,386
|
11,977
|
Less
performance adjustment5
|
0
|
0
|
0
|
0
|
41
|
0
|
41
|
0
|
Total
remuneration less buy-out and performance adjustment
|
3,440
|
4,424
|
1,477
|
766
|
1,428
|
2,409
|
6,345
|
7,599
|
1
|
The
Remuneration Committee set a policy at the start of 2020 that if
Underlying Profit was 20 per cent below target, no GPS awards would
be payable. The Group's underlying profit was £2.2bn, 62 per
cent below the £5.7bn target. The threshold was not met and
therefore there are no GPS awards for 2020
performance.
|
2
|
The
2018 Group Ownership Share (GOS) vesting at 33.75 per cent was
confirmed by the Remuneration Committee at its meeting on 19
February 2021. The total number of shares vesting were 2,269,762
for António Horta-Osório and 1,177,883 shares vesting for
Juan Colombás. This award was pro-rated to reflect Juan
Colombás leaving date. The average share price between 1
October 2020 and 31 December 2020 32.62 pence has been used to
indicate the value. No part of the reported value is attributable
to share price appreciation. Shares were awarded based on a Share
price of 68.027, as regulations prohibited the payment of dividend
equivalents on awards in 2018 and subsequent years, the number of
Shares subject to award was determined by applying a 25 percentage
discount factor to the Share price on award, as previously
disclosed
|
3
|
LTIP
and dividend equivalent figures for 2019 have been adjusted to
reflect the share price on the date of vesting 49.48 pence instead
of the average price 59.34 pence reported in the 2019
report
|
4
|
Other
remuneration payments comprise income from all employee share
plans, which arises through employer matching or discounting of
employee purchases.
|
5
|
In June
2020, the Financial Conduct Authority (FCA) fined the Group for
failures in relation to the handling of mortgage customers in
payment difficulties or arrears. As a result, the Committee decided
to apply a performance adjustment in respect of bonuses awarded to
the Chief Risk Officer (among other senior colleagues) from 2011 to
2015 given his ultimate oversight. The number of shares adjusted
was 68,536, and the value shown is calculated using the relevant
deferred bonus award share price for each respective
year.
|
|
|
|
|
External Appointments held by the Executive Directors
António Horta-Osório - During the year ended 31 December
2020, the Group Chief Executive served as a Non- Executive
Director of Exor, Fundacao Champalimaud, Stichting INPAR
Management/Enable and Sociedade Francisco Manuel dos Santos. The
Group Chief Executive is entitled to retain the fees, which were
£317,989 in total.
No other Executive Director served as a Non-Executive Director in
2020.
- END -
For further information:
Investor Relations
Douglas
Radcliffe
+44 (0) 20 7356 1571
Group Investor Relations Director
douglas.radcliffe@lloydsbanking.com
Corporate Affairs
Matt
Smith
+44 (0) 20 7356 3522
Head of Media Relations
matt.smith@lloydsbanking.com
FORWARD LOOKING STATEMENTS
This document contains certain forward looking statements within
the meaning of Section 21E of the US Securities Exchange Act of
1934, as amended, and section 27A of the US Securities Act of 1933,
as amended, with respect to the business, strategy, plans and/or
results of Lloyds Banking Group plc together with its subsidiaries
(the Group) and its current goals and expectations relating to its
future financial condition and performance. Statements that are not
historical facts, including statements about the Group's or its
directors' and/ or management's beliefs and
expectations, are forward looking
statements. Words such as 'believes',
'achieves', 'anticipates','estimates', 'expects', 'targets',
'should', 'intends', 'aims', 'projects', 'plans', 'potential',
'will', 'would', 'could', 'considered', 'likely', 'may', 'seek',
'estimate' and variations of these words and similar future or
conditional expressions are intended to identify forward looking
statements but are not the exclusive means of identifying such
statements. Examples of such forward looking statements include,
but are not limited to, statements or guidance relating to:
projections or expectations of the Group's future financial
position including profit attributable to shareholders, provisions,
economic profit, dividends, capital structure, portfolios, net
interest margin, capital ratios, liquidity, risk-weighted assets
(RWAs), expenditures or any other financial items or ratios;
litigation, regulatory and governmental investigations; the Group's
future financial performance; the level and extent of future
impairments and write-downs; statements of plans, objectives or
goals of the Group or its management including in respect of
statements about the future business and economic environments in
the UK and elsewhere including, but not limited to, future trends
in interest rates, foreign exchange rates, credit and equity market
levels and demographic developments; statements about competition,
regulation, disposals and consolidation or technological
developments in the financial services industry; and statements of
assumptions underlying such statements. By their nature, forward
looking statements involve risk and uncertainty because they relate
to events and depend upon circumstances that will or may occur in
the future. Factors that could cause actual business, strategy,
plans and/or results (including but not limited to the payment of
dividends) to differ materially from forward looking statements
made by the Group or on its behalf include, but are not limited to:
general economic and business conditions in the UK and
internationally; market related trends and developments;
fluctuations in interest rates, inflation, exchange rates, stock
markets and currencies; any impact of the transition from IBORs to
alternative reference rates; the ability to access sufficient
sources of capital, liquidity and funding when required; changes to
the Group's credit ratings; the ability to derive cost savings and
other benefits including, but without limitation as a result of any
acquisitions, disposals and other strategic transactions; the
ability to achieve strategic objectives; the Group's ESG targets
and/or commitments; changing customer behaviour including consumer
spending, saving and borrowing habits; changes to borrower or
counterparty credit quality impacting the recoverability and value
of balance sheet assets; concentration of financial exposure;
management and monitoring of conduct risk; exposure to counterparty
risk (including but not limited to third parties conducting illegal
activities without the Group's knowledge); instability in the
global financial markets, including Eurozone instability,
instability as a result of uncertainty surrounding the exit by the
UK from the European Union (EU), the EU-UK Trade and Cooperation
Agreement, and as a result of such exit and the potential for other
countries to exit the EU or the Eurozone and the impact of any
sovereign credit rating downgrade or other sovereign financial
issues; political instability including as a result of any UK
general election and any further possible referendum on Scottish
independence; technological changes and risks to the security of IT
and operational infrastructure, systems, data and information
resulting from increased threat of cyber and other attacks;
natural, pandemic (including but not limited to the COVID-19
pandemic) and other disasters, adverse weather and similar
contingencies outside the Group's control; inadequate or failed
internal or external processes or systems; acts of war, other acts
of hostility, terrorist acts and responses to those acts, or other
such events; geopolitical unpredictability; risks relating to
climate change; changes in laws, regulations, practices and
accounting standards or taxation, including as a result of the UK's
exit from the EU; changes to regulatory capital or liquidity
requirements (including regulatory measures to restrict
distributions to address potential capital and liquidity stress)
and similar contingencies outside the Group's control; the
policies, decisions and actions of governmental or regulatory
authorities or courts in the UK, the EU, the US or elsewhere
including the implementation and interpretation of key laws,
legislation and regulation together with any resulting impact on
the future structure of the Group; the ability to attract and
retain senior management and other employees and meet its diversity
objectives; actions or omissions by the Group's directors,
management or employees including industrial action; changes to the
Group's post-retirement defined benefit scheme obligations; the
extent of any future impairment charges or write-downs caused by,
but not limited to, depressed asset valuations, market disruptions
and illiquid markets; the value and effectiveness of any credit
protection purchased by the Group; the inability to hedge certain
risks economically; the adequacy of loss reserves; the actions of
competitors, including non-bank financial services, lending
companies and digital innovators and disruptive technologies; and
exposure to regulatory or competition scrutiny, legal, regulatory
or competition proceedings, investigations or complaints. Please
refer to the latest Annual Report on Form 20-F filed by Lloyds
Banking Group plc with the US Securities and Exchange Commission
for a discussion of certain factors and risks. Lloyds Banking Group
may also make or disclose written and/or oral forward looking
statements in reports filed with or furnished to the US Securities
and Exchange Commission, Lloyds Banking Group annual reviews,
half-year announcements, proxy statements, offering circulars,
prospectuses, press releases and other written materials and in
oral statements made by the directors, officers or employees of
Lloyds Banking Group to third parties, including financial
analysts. Except as required by any applicable law or regulation,
the forward looking statements contained in this document are made
as of today's date, and the Group expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward looking statements contained in this
document to reflect any change in the Group's expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statement is based. The information, statements
and opinions contained in this document do not constitute a public
offer under any applicable law or an offer to sell any securities
or financial instruments or any advice or recommendation with
respect to such securities or financial instruments.
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
LLOYDS
BANKING GROUP plc
(Registrant)
By: Douglas
Radcliffe
Name: Douglas
Radcliffe
Title: Group
Investor Relations Director
Date: 24
February 2021
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