UK banking group CYBG may rein-in its management bonus scheme after courting shareholder ire earlier this year with a plan that could result in Irish banker David Duffy’s remuneration soaring to as much as £4.24 million (€4.73 million).
Mr Duffy, who left AIB in 2015 for CYBG, the owner of Clydesdale and Yorkshire banks and Virgin Money, received £1.83 million in total remuneration last year. At AIB his pay was capped at €500,000 under compensation limits across the State’s bailed-out banks over the past decade.
CYBG is now considering changing its incentive plan for top executives, including Mr Duffy, after 34.2 per cent of investors voted against it at the group’s annual general meeting in January, according to sources.
A spokesman for FTSE 250-listed CYBG declined to comment.