The bondholders of Co-op Bank have approved a £3.66 million pay deal for the wider group's chief executive Euan Sutherland.

The bondholders have now backed the company's decision to award £3.66 million to the head of the company. Sutherland has been facing criticism after the company's plans for pay package was announced on Sunday. He said that the figures were released by the members of the board. Co-op Bank retail bondholder campaign boss Mark Taber pointed out that the company is required to pay higher salaries in order to attract experienced people.

He said, "If you've got a lot of problems and you want someone to sort them out you have to pay the market rate. If you're the Co-op you're still in the market, so you can't pay half the market rate. Things were a lot worse when he took the job and to retain him they need to pay him. They can't carry on like they have been."

Sutherland has said that it will receive a pay deal worth £1.5 million of salary besides a £1.5 million compensation payment. The Co-operative Group is the largest shareholders with a 30 per cent stake.