CLYDESDALE Bank owner CYBG has seen a major revolt against its executive pay policy at its annual meeting this morning.

More than one third (34 per cent) of the voted shares opposed the resolution requesting approval for the directors’ annual report on remuneration for the year ended September 30. And nearly six per cent of voted shares went against the re-election of chief executive of David Duffy as a director of the company.

Mr Duffy, a former boss of Allied Irish Banks, received remuneration totalling £1.83 million for the year ended September 30, according to the bank’s latest annual report. He led the Glasgow-based bank’s £1.7 billion merger with Virgin Money last year.