Clydesdale boss Duffy scoops £730,000 of shares

Clydesdale boss Duffy scoops £730,000 of shares

David Duffy

David Duffy, chief executive of Clydesdale Bank owner CYBG, has received more than £730,000 worth of shares in the lender through a deferred equity plan.

Last week Mr Duffy was awarded 391,561 shares in CYBG under a 2015 plan linked to its demerger from National Australia Bank (NAB) in 2016.

The bank has since completed its flotation on the London market.



The shares were awarded on February 15 to Mr Duffy who immediately sold nearly £350,000 worth of them to satisfy tax liabilities and sale costs.

Mr Duffy’s windfall comes just weeks after the CYBG  board was the subject of an investor revolt centred on its current remuneration set-up.

More than one-third of the votes cast at the annual meeting held in Australia last month went against the resolution seeking approval for the directors’ report on remuneration, amid concern the overall pay of Mr Duffy could rise to more than £4 million this year.

Prior to the AGM in Melbourne, the group revealed it swung to full-year losses of £164m after an extra £150m charge linked to the mis-selling of payment protection insurance.

The shareholder advisory group ISS had recommended voting against the pay terms put forward this week, which it said were not justified by the recent £1.7 billion acquisition of Virgin Money.

CYBG said 34.2 per cent of investor votes rejected its pay plans.

A further 7.4 million shareholder votes were withheld.

CYBG shares closed down 2.1 per cent at 185.5p last night, having tumbled from 364.2p since August.

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