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CYBG faces investors’ ire over executive pay

More than a third of CYBG shareholders have voted against the proposed pay of the bank’s executives at its annual general meeting.

At its meeting, which was held in Australia, 34 percent of investors opposed the pay plans, which could see chief executive David Duffy’s bonus increase.


Chief financial officer Ian Smith also stands to be paid more as a result of changes to the pay scheme being made following the takeover of Virgin Money.


“While shareholders have approved the directors’ remuneration report by a clear majority, with 65.79 percent of votes cast in favour, the company recognises the large number of votes opposing the resolution,” CYBG said in its update to market.


Although the company is listed in London, around half of its shareholders are in Australia, which is a legacy of its previous ownership by National Australia Bank. Shareholder meetings alternate between the UK and Australia as a result.


CYBG said: “The company took shareholders’ views into account after the publication of the notice of meeting and explained why it was considered that these resolutions were in the best interests of shareholders. The company will continue to engage with shareholders to fully understand their views in relation to the specific authorities sought.”


In a further comment, a spokeswoman for the bank said: “Our remuneration committee consulted with shareholders on our proposals for executive directors’ pay in advance of publishing this year’s remuneration report. While shareholders have approved our proposed approach to executive pay, we will continue to engage with them over the coming months to ensure their views are fully considered.

“Our proposed approach brings executive directors’ variable pay into line with comparable financial services firms [in the UK], and increases the amount of overall pay linked directly to the performance of the bank and stretching long-term targets.”

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