Royal Mail goes back to the future

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Interesting article in today's City AM:

http://www.cityam.com/285998/advisers-g ... -goes-back" onclick="window.open(this.href);return false;

Note the following:

Back to the future

How’s this for transparency?

A FTSE-100 company which was state-owned until 2013 announces pay arrangements for its new chief executive but fails to mention that it handed him a one-off award worth nearly £6m nine months earlier.

Perhaps Royal Mail’s explanation of the payment to Rico Back got lost in the post.

I understand that the decision not to reveal the sum until its annual report is published caused enormous consternation in the postal operator’s boardroom.

It may, therefore, not be too much of a conspiracy theory to point out that the wording of its 20 April statement about Moya Greene’s departure (in which she “agreed that she will retire in September”) was eerily similar to the one which presaged last year’s row at the London Stock Exchange Group about Xavier Rolet. (Where’s TCI’s Sir Christopher Hohn when you need him?).

Sources say that Greene, who has arguably been underpaid throughout her Royal Mail tenure, and chairman Peter Long did not see eye-to-eye about the handling of Back’s £5.8m payday.