The chief executive of Clydesdale Bank has received more than £2 million for his first full year in charge of the lender.
David Duffy received a £1 million salary as well £180,000 in pension allowances and £67,000 in other benefits for the 12 months to the end of September when CYBG, the parent company of Clydesdale and Yorkshire banks, listed on the London Stock Exchange.
Those benefits include a £30,000 car allowance as well as £35,000 to cover his move from Ireland to Glasgow.
Mr Duffy’s £800,000 bonus is made up of £295,850 in cash with the same value of shares, while a further £208,000 of shares is deferred.
Mr Duffy, who joined in June last year, had received £1.35 million in total for the previous year, which included £500,000 of shares as a “commencement award”.
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The latest annual report shows that Ian Smith, finance director, received a total of £925,000 including £368,000 in bonuses.
The package of Debbie Crosbie, chief operating officer, declined slightly to £921,000 with £360,000 of bonus.
Her bonus the year before was £450,000 during a period when she had been interim chief executive until Mr Duffy arrived.
The fees for Jim Pettigrew, chairman, increased to £495,000 with CYBG saying that £150,000 of that related to the extra duties he performed as the business demerged from National Australia Bank.
Mr Pettigrew’s fee has been set at £350,000 for this financial year. The total pay bill for the non-executive directors was £1.56 million, compared with £866,000 the previous year, with several having their pay topped up for additional work relating to the flotation.
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The bank said its bill for the 149 staff classified as material risk takers was £31 million, with £12 million of that relating to annual and long-term bonuses. Termination payments for 13 senior staff totalled £3.9 million, with the highest single award being £700,000.
Adrian Grace, chairman of the remuneration committee, said that all pay awards were linked to an individual’s performance.
Salaries for executives are being frozen next year, with annual bonuses capped at 100 per cent of salary.