Moya greene bonus

[jafferpants]

Below is the reply from ed davey postal minister following my email asking him to justify moyas bonus.

Thank you for your email of the 15 June to Edward Davey concerning the remuneration of Moya Greene. As you may appreciate, the Minister receives are large amount of correspondence every day and regrets that he is unable to respond to each one personally. I have been asked to reply.

As you know, the company's future is at a pivotal stage and the business is facing extremely difficult challenges. The communications market is changing due the introduction of digital technology and people and businesses are sending fewer and fewer letters - the daily mailbag is now 62m item whereas five years ago it was around 80m items. The resultant fall in revenues means that Royal Mail has to reduce its costs through the transformation and modernisation of its operations.

Royal Mail is a significant commercial business. It has a £9bn turnover and employs 166,000 in the UK. Government believe that it should employ people at Board level with the right commercial skills and experience to operate such a company. To recruit and retain people, it has to pay competitive rates. Only recently its Chief Customer Officer resigned to take up a post with a rival parcel company and several people below Board level have left the company this year. But even when paying competitive rates, the Government expects the company to show restraint and overall the remuneration of its Directors is at the lower end of the range potentially available to Directors when benchmarked against that of Directors in private sector companies of equivalent size.

Moya Greene was recruited last July to take forward the transformation of Royal Mail. She was appointed on a salary some £130k lower than her predecessor and the bonus she received this year reflects the fact the in year performance targets that were achieved. These targets were effectively set by Royal Mail's Remuneration Committee and the Government gave consent for them to be adopted. The targets related to profit, cash, quality of service and personal objectives. For 2010/11, no bonuses were given to Directors unless individual targets were achieved.

The company has entered a period where its profits will be affected by falling revenues and there will be significant costs attached to modernisation. The Board is determined to secure the long term future of the company. It is not seeking to make short term profits but to ensure that its modernisation plans are implemented and embedded in the company. Future performance targets will be geared to securing Royal Mail's future through modernisation.

Best regards,

James

James Baugh | Shareholder Executive | Royal Mail Team | Department for Business, Innovation and Skills | 1 Victoria Street | London SW1H 0ET

[R@YAL F@IL]

So Moya is the Captain of the ship called "TRANSFORMATION"

Lifeboats at the ready folks there is one massive iceberg ahead

[MrPPatt]

Wow - that is some serious doublespeak. The company is in the shitter BUT the company is doing so well she gets big bonuses???

If that page she does in the Courier is any measure of her, we are paying her far too much.

Mr Postman Patt :D

[eian687]

if its doing well were are our colleague shares then

[Darren Bent]

If the performance bonus from bosses are good enough to get a bonus then we should get them. So it is load of rubbish if we got nothing. It sound like the boss got the bonus for surviving relegation instead of qualifying for Europe.

[obmoreby]

SO THE TARGET'S WHERE ACHIEVED THIS IS PART OF A RE-PLY FROM Edward Davey
Moya Greene was recruited last July to take forward the transformation of Royal Mail. She was appointed on a salary some £130k lower than her predecessor and the bonus she received this year reflects the fact the in year performance targets that were achieved.
SO WHY DID THE POST MEN/WOMEN GET THERE BONUS

[chunk]

Future performance targets will be geared to securing Royal Mail's future through modernisation.

If i read this right future director bonus will not based on profit but on progress.

so if shedding jobs and closing mail centres for example is viewed as progress that alone will boost their bonuses.

[fishtank]

Future performance targets will be geared to securing Royal Mail's future through modernisation.

If i read this right future director bonus will not based on profit but on progress.

so if shedding jobs and closing mail centres for example is viewed as progress that alone will boost their bonuses.

I like it.
I think we should adopt it and judge our wages on how much "progress" we've made this week.I personally feel i've made £642,000 worth of progress,now if you don't mind i'll have it in used £20's in a brown paper bag.

[seeker019]

You can't justify FRAUD at any level!!!!!!

[pants123]

These targets were effectively set by Royal Mail's Remuneration Committee and the Government gave consent for them to be adopted. The targets related to profit, cash, quality of service and personal objectives. MOYA GREENE bonus was attached to targets which was met,,,, this makes me laugh, failing company and virtually no profit.......... the GOVERNMENT must have set targets that low, cause the royal mail failed every target....... what a joke...

[maisymoo04]

its a fu@@@ insult on us.how dare they pay her that bonus when the company is in sh@@.tell you what, i hate this f@@@ company and the union load off sh@@.that cheeky c@@ gets 130,000 grand for doin nothin.and am tryin to get a lousy £200 last payment for having the methods in,(ie hello what you want royal mail methods in)joke

[R@YAL F@IL]

its a fu@@@ insult on us.how dare they pay her that bonus when the company is in sh@@.tell you what, i hate this f@@@ company and the union load off sh@@.that cheeky c@@ gets 130,000 grand for doin nothin.and am tryin to get a lousy £200 last payment for having the methods in,(ie hello what you want royal mail methods in)joke

Bet you feel better after getting that off your chest, all those swear words sent me

[maisymoo04]

thats nothing f@il

[ziko]

These targets were effectively set by Royal Mail's Remuneration Committee and the Government gave consent for them to be adopted. The targets related to profit, cash, quality of service and personal objectives. For 2010/11, no bonuses were given to Directors unless individual targets were achieved.

This above states that She has met the targets - of profit and quality of service and should confirm to you that we are being lied to one way or another.
When it comes to justifying Managements bonuses we are hitting targets including profits and service quality.
When it comes to justifing the non payment of Colleague shares to the Hardworking Labourer (Postman/Women) quality of service is failing and profits have fallen.

[RTP]

So...166,000 apparently work for RM.

Now a fair portion of that will be managers - who recieved a £2000 bonus....apparently
A fair portion of the workforce will also be admin (customer services and the likes) - who if I'm correct did not recieve any CS.
A fair portion of the workforce is now also part time, so we have to take into account pro-rata.
A fair portion of the workforce will also not be entitled to collegue share, due to starting past the cut off.

Taking into account all the above, then I'd say it was a fair estimate that the remaining full timers could have received £1 each from the last collegue share and the part timers generally speaking, a sum from 50p to 90p each , which in the grand swing of things would not have even totallled £142,000.

Just saying like......