Shareholders reject UK Royal Mail remuneration policy

70% of Royal Mail shareholders voted against remuneration report at the UK Royal Mail’s AGM on Thursday 19 July 2018. The concerns of the shareholders were focused upon:

  • A termination payment of £900,000 to Moya Greene the Chief Executive retiring after 8 years of service
  • A base salary increase of 17% to Rico Back the new Chief Executive plus an accompanying increase to his pension provision

Both individuals will still receive their remuneration since the shareholders vote is not binding. In 2019 the shareholders will be able to have a binding vote on the company’s pay policy.  The last “no” vote of this scale in the UK on remuneration was when shareholders rejected the pension provision of Fred Goodwin at the Royal Bank of Scotland.

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