Yorkshire’s director pay packages approved

YORKSHIRE Building Society members approved remuneration received by its directors last year, which included a total salary package of £742,000 for former chief executive Iain Cornish, who stepped down in December.

By The Newsroom

Published 20th Apr 2012, 07:00 BST

However, the remuneration report, which was considered at an annual general meeting on Wednesday, did attract some opposition. Around 11 per cent of votes were against the resolution.

Mr Cornish’s basic salary rose by £72,500 to £446,591 in 2011 and he received a further payment of £250,203, which included his pay, pension allowance and benefits for the six months to the end of his official notice period on July 1, 2012. His replacement, Chris Pilling, who joined the company on December 31, received a payment of £156,000 to honour lost earnings he incurred on leaving his role at HSBC.

The building society announced Lynne Charlesworth as its new vice chairman. She replaces Richard Davey who retired from the board at the end of the AGM. All resolutions were carried, including the annual report and accounts.