Lloyds AGM hit by flexible working protests after telling staff to come back to the office
Lloyds’ annual general meeting (AGM) was hit by protests about its flexible working policies and its fossil fuel financing, but all motions ended up passing with massive majorities.
Speaking at the bank’s AGM in Edinburgh on Thursday, representatives from Unite argued that trialled changes to its hybrid working policies disadvantaged women, carers and working parents.
Lloyds is trialling changes to its compressed working arrangements. Compressed working means working the same amount of time over fewer days.
Unite argued that the review would make flexible working harder, making it more difficult for disadvantaged employees to care for their families.
“Let’s be clear, this is an attack on flexible working”, Unite member Rachel Boothroyd told the board.
In response, chair Robin Budenburg stressed “no decisions have been taken”. Outcomes would be based on “individual discussions between colleagues and their line managers,” he continued.
A Lloyds spokesperson said: “Lloyds Banking Group is a strong advocate of flexible working and remains committed to providing a supportive and rewarding place to work for colleagues.
“Our hybrid working approach has been in place since 2021 and has allowed many of our colleagues to benefit further from flexible working patterns.”
The spat comes off the back of a growing rift between executives and employees at many firms over flexible working.
The bank told staff last month that hybrid workers would have to spend at least two days a week in the office, with “card swipe data” used to monitor their return.
The group said exceptions made for workers with disabilities or long-term health conditions.
Yesterday, Chancellor Jeremy Hunt warned that permanent home working could lead to a “loss of creativity”.
In financial services alone, JP Morgan, BNY Mellon and Blackrock have all recently demanded that employees come into the office more.
Lloyds’ meeting was also disrupted by climate protestors who pointed to data suggesting that the bank had increased its fossil fuel financing in 2022.
Budenburg only got as far as saying “hello and welcome” before protesters interrupted him, demanding that the bank stop fossil fuel funding immediately.
Max Millar, one of the protestors, said: “In 2022, Lloyds did what few other global banks did and increased its financial support to the brutally destructive fossil fuel industry by $500m.
“This at a time of climate crisis when even the UN Secretary General calls investing in new fossil fuels infrastructure ‘moral and economic madness’,” Millar continued.
Despite the protests, all motions were passed at the AGM, with each receiving over 90 per cent support.