26th Jul 2019 13:09
(Alliance News) - CYBG PLC is to work on greater transparency, it said Friday, following talks with shareholders after some dissent at January's annual general meeting.
In January, 34% of shareholders rejected the bank's remuneration report, in what the firm said was a "disappointing" result.
At the time, CYBG committed to speaking with shareholders, specifically in the UK and Australia, to iron out their problems.
"It became clear throughout this consultation our largest shareholders support our approach to remuneration. Reflecting upon the discussions (and on the proxy agency report recommendations, that we believe many of our shareholders relied upon) the board has concluded that, while we have majority support for our approach and our disclosure levels were generally good, some shareholders would like to see greater transparency," said CYBG.
"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."
"All of these will be considerations as we continue to evaluate the most appropriate remuneration structure for executive directors, how these align with internal CYBG pay structures and external market competitiveness," CYBG continued.
CYBG shares were 1.4% lower on Friday at a price of 198.50 pence each.
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