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.