Moya Greene will repay £250,000 gift to buy a house

[TrueBlueTerrier]

Moya Greene will repay £250,000 gift to buy a house after Vince Cable said he would have vetoed it

http://www.telegraph.co.uk/news/uknews/ ... ed-it.html" onclick="window.open(this.href);return false;

Moya Greene, Royal Mail’s chief executive, will repay a £250,000 gift from the company to help her buy a house, after Vince Cable said he would have never allowed the perk, The Telegraph can disclose.

The controversial payment helped to take Miss Greene’s total remuneration to £1.47million, up a third, making her one of the country’s highest paid public officials, it emerged today.

Other Royal Mail executives have been paid hundreds of thousands in bonuses after pushing through big increases in the price of first and second class stamps, according to the company's 2012/13 annual report and accounts.

The scale of the rewards at the state-owned postal organisation risks igniting another row over pay for public sector workers.

Miss Greene received £1.47million in 2012/13, up from £1.1million in 2011/12. Her basic pay was held at £498,000.
She picked up £399,000 in a “short–term incentive plan”, £127,000 in benefits and £200,000 in lieu of a pension as she is not a member of a final salary pension scheme.

The overall figure also included a controversial payment of £250,000 to help Miss Green buy a house in the UK. The figure was signed off by the company's remuneration committee and was cleared to reflect the difference in the price of houses in Canada and the UK.

But Business secretary Vince Cable heard of the payment he made it clear to the company that he would not have approved it. Miss Greene has now agreed to repay the sum, which was approved by Royal Mail’s remuneration committee.

Mr Cable said today that Donald Brydon, the Royal Mail chairman, had now apologised for the sum. He said: “I am pleased that this unapproved payment is being returned. The company acted quickly to rectify the situation.

“A mistake was made in not seeking my approval: I would not have approved it. The Chairman is sorry ; the payment is being returned. I now regard the matter closed. “Moya Greene is an exceptionally good CEO and she and the board have my full support to take the company forward.”

The annual accounts stated: “The company’s relocation policy states that any fees or charges associated with relocation at the company’s request are subject to payment by the company to assist any executive.

“In the exceptional circumstances of the chief executive’s relocation and commitment to the UK, additional assistance, on the purchase of a home, was offered given the difference in residential costs between the UK and Canada.

“The remuneration committee, consisting of all non-executive directors at the time, determined that a single payment should be made to the chief executive rather than an annual allowance. The additional assistance amounted top £120,000 after tax.

“The chief executive was not involved in the decision nor does she engage with Government about payments made by the company.”

It added: “The secretary of state for Business, Innovation and Skills has advised the remuneration committee that this was a material variation to her remuneration and it therefore ought to have sought his prior approval.

“Although it had not done so, the remuneration committee considers it made its decision in good faith in exceptional circumstances.

“When she learned of this background the chief executive voluntarily offered to return this assistance. The remuneration committee has accepted this offer and is arranging the process for repayment.

“The remuneration committee will also determine the process for the reimbursement of the company of any unrealised gain to date associated with this payment.” Miss Greene was not available for comment.

A Royal Mail spokesman added: "The Remuneration Committee appreciates that executive remuneration is a sensitive subject in the current economic environment. Under Moya Greene’s leadership, Royal Mail has been transformed.

"In 2010/11 Royal Mail was balance sheet insolvent with negative cash flows. The Company also had going concern issues. For 2012/13, the Group reported positive free cash flow of £334 million. There were no going concern issues."
It added that the company's core had "moved from being loss-making three years ago (-£120 million in 2010/11 to £331 million in 2012/13) to being the single biggest profit contributor to the Group".

[worktotime]

was this the year when we was all due to sell our shares , and the company was worth jack s**t , i wouldn't trust anything these people say , there just crooks and con merchants.

[k979aaa]

Don't buy that she runs the company she knows all what's going on received the payment even though their are clear rules on this.

[k979aaa]

Ever wondered why you did not get paid for going over your time (overtime) you have guessed it you have been paying for somebody's mortgage.

[Pat Ostman]

After tax, this amounted to £120,000.

This is the sum that Ms Greene is now repaying.

http://www.bbc.co.uk/news/business-23549554" onclick="window.open(this.href);return false;

[Judgee]

Well I don't mind them giving her £250,000 towards buying a house!

Just as long as they give everyone in RM the same, from grunts on the ground to the leeches at the top!

[borders]

After tax, this amounted to £120,000. This is the sum that Ms Greene is now repaying.

http://www.bbc.co.uk/news/business-23549554" onclick="window.open(this.href);return false;

no wonder she is smiling ......

[pants123]

having all that money doesn't make sense, she is just human and money is pointless when your 6 feet under... the elite think they can live forever...

[pants123]

was this the year when we was all due to sell our shares , and the company was worth jack s**t , i wouldn't trust anything these people say , there just crooks and con merchants.

i totally agree with you..

[k979aaa]

I wonder if I was caught with my hands in the till at the local nicking £80 will it wash if I said I will pay it back and I did not know it was wrong? If the standard's of corporate governance in this country is so low they do not know what is right and what is wrong then god help us all!.

[El-Bandito]

Moya Greene will repay £250,000 gift to buy a house
Eh? When is After tax, this amounted to £120,000. This is the sum that Ms Greene is now repaying, Repaying £250,000??????????

[Judgee]

Moya Greene will repay £250,000 gift to buy a house
Eh? When is After tax, this amounted to £120,000. This is the sum that Ms Greene is now repaying, Repaying £250,000??????????

When you earn an extortionate amount you fall into the highest tax bracket!

Don't worry, no danger of any of us workers falling into that group!

[maisymoo04]

And they fu@@ moan over £9.87 is it iv u went over your time . Makes me sick to the stomach they get all that and we have to suffer

[k979aaa]

And they fu@@ moan over £9.87 is it iv u went over your time . Makes me sick to the stomach they get all that and we have to suffer

It's in a good cause we would not like to see her on the street would we.

[maisymoo04]

And they fu@@ moan over £9.87 is it iv u went over your time . Makes me sick to the stomach they get all that and we have to suffer

It's in a good cause we would not like to see her on the street would we.