Yorkshire Bank owner CYBG sees 34 per cent of investors vote against executive pay plans

CYBG CEO David Duffy'Pic Peter Devlin
CYBG CEO David Duffy'Pic Peter Devlin
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The owner of Yorkshire Bank CYBG has said 34.21 per cent of investors voted against its pay plans for top bosses amid anger over executive remuneration.

CYBG, which also owns Clydesdale Bank, said while the plans were approved, with 65.8 per cent of shareholders voting in favour at its annual general meeting held in Australia, it “recognises the large number of votes opposing the resolution”.

The banking group said: “In addition to the extensive consultation of shareholders undertaken prior to the publication of the directors’ remuneration report, the company will further engage with shareholders on the implementation of its remuneration policy over the coming months to ensure shareholder views are fully understood and considered.

“These views will also inform the company’s remuneration policy which will be subject to shareholder approval at the company’s 2020 annual general meeting.”