More than a third of CYBG shareholders vote against directors pay

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A total of 34.21% of shareholders at Yorkshire Bank’s parent, the Clydesdale and Yorkshire Banking Group (CYBG), have voted against directors remuneration packages for the year ended September 2018.

The shareholders were also voting against the directors annual report, at firm’s AGM held in Australia.

A CYBG spokesman 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.”