LTB 399/17 Royal Mail Shareholder AGM – 20th July 2017
12th July 2017
TO: ALL BRANCHES WITH POSTAL MEMBERS
Royal Mail Shareholder AGM – 20th July 2017
CWU members who are shareholders in Royal Mail will have recently received a notification regarding the Royal Mail AGM taking place at the Radisson Blu Edwardian Hotel at Heathrow on 20th July 2017.
As a shareholder you have a right to vote on the resolutions being put to the AGM and you can do this by instructing Equiniti to vote on your behalf or by attending the AGM in person. Individual shareholders who wish to vote will need to complete and sign a proxy form either in writing or electronically by visiting http://www.sharevote.co.uk
and clicking on Royal Mail Group from the list of companies displayed.
There are a number of technical resolutions about powers the Board can exercise which are due to be voted on at this year’s AGM and more information is provided on these in the formal notice of the meeting (a copy of which is attached for your information).
We will not be making recommendations on all of the fifteen resolutions but there are two resolutions we believe will be of particular interest to members:
Resolution 2. The Board is seeking approval of directors’ remuneration for last year, details of which are contained in its Annual Report. In total, the two Executive Directors in the company earned a combined £3.7m last year. We do not believe the disparity between this level of pay and that of frontline employees is acceptable and would therefore recommend that members vote against this resolution.
Resolution 3. The Board is seeking approval that the final dividend recommended by the Directors of 15.6 pence per share for the year ended 26 March 2017 be paid on 28 July 2017 to all members whose names appear on the Register of Members on 30 June 2017. At a time when the union is in dispute over the issues of pay and pensions, we recommend that members register their dissent against excessive dividend payments and vote against this resolution.
Branches will also be aware that the union has been seeking to establish an Advisory Committee which would enable members to have a collective voice in the way that the company is run.
Discussions on this issue have been difficult and long-running and despite seeking further meetings with Royal Mail to discuss how we might establish an Advisory Committee, they are now arguing it would be better to wait to see what concrete proposals emerge following the Government’s recent Green Paper on Corporate Governance. While we are obviously disappointed with the company’s response, we will continue to seek further meetings with both Royal Mail and our legal advisers to discuss how best to progress this issue.
Any queries in relation to this LTB should be addressed to the DGS(P) Department quoting reference 60000i.
Deputy General Secretary (Postal)
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