Virgin Money owner braced for revolt over bosses’ pay

David Duffy CEO CYBG, Clydesdale Bank

CYBG bank faces showdown in new wave of discontent.

Boardrooms are braced for a string of investor revolts in the coming weeks as shareholders continue to vent their anger over high levels of executive pay.

The influential advisory service ISS has issued a “red-top” alert against CYBG, the owner of Clydesdale and Yorkshire banks and Virgin Money, which it bought for £1.7bn in October.

ISS warned that long-term incentive payments for CYBG’s chief executive and finance director would almost double this year. This was unwarranted, ISS said, given that it was not clear whether the merger would deliver additional value.

David Duffy, CYBG’s chief executive, could receive a bonus of up to 118% of his £1m salary and long-term incentive awards of 177%, giving him a total of £4m. He earned a total of £2m last year.

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