Banking group CYBG has pledged to provide greater transparency on how it rewards its top bosses in the wake of a shareholder revolt at its last AGM.
More than a third of votes cast by shareholders were against the Clydesdale Bank and Yorkshire Bank owner’s pay plans for bosses’ pay at its AGM in January, which it said was a “disappointing result”.
Since then CYBG, which now also owns Virgin Money and is to rebrand under that name, said it had been consulting with its largest shareholders in the UK and in Australia – between them representing come 60% of votes.
Although CYBG said it was clear from the discussions that its largest shareholders support its approach to remuneration, it admitted that some investors want to see greater transparency.
“This will therefore be a focus for us moving forward and in particular we will seek to be clearer over our processes such as those for determining awards for executive directors, calculating annual awards and where judgement and discretion is applied by the remuneration committee,” it said in a statement today.