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CYBG to be clearer about executive pay process

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(Reuters) – British bank CYBG <CYBGC.L> said on Friday it would be clearer about how it determines pay and awards for top executives, after more than a third of shareholders voted against the lender’s remuneration report at its general meeting in January.

CYBG said its board had consulted with the bank’s largest shareholders in the UK and Australia since the AGM and had agreed to some investors’ demands for it to be more transparent.

The bank said it would be clearer about its processes for determining awards for executive directors, calculating annual awards and where judgement and discretion is applied by the remuneration committee.

The owner of Clydesdale and Yorkshire Banks has laid out plans to challenge Britain’s big banks after acquiring rival lender Virgin Money.

(Reporting by Noor Zainab Hussain in Bengaluru and Iain Withers in London; Editing by Rachel Armstrong)

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