Clydesdale Bank owner hit by backlash over bosses’ pay

Clydesdale bank sign

Clydesdale Bank owner CYBG has suffered an investor backlash over bonuses for top executives after more than a third of shareholders voted against pay plans.

The Glasgow-headquartered group, which recently acquired Virgin Money for some £1.7 billion, said 34.2 per cent of investor votes were made against its pay plans at its annual general meeting (AGM), which was held in Melbourne, Australia. A further 7.4 million shareholder votes were withheld.

CYBG, which also owns Yorkshire Bank, said that while the plans were approved, with 65.8 per cent of shareholders voting in favour, it “recognises the large number of votes opposing the resolution” and has pledged further talks with investors.

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