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ANNOUNCEMENT : ALL OF ROYAL MAIL'S EMPLOYMENT POLICIES (AGREEMENTS) AT A GLANCE (UPDATED 2017)... HERE




Rico Back quote, "So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires."

25 Nov 2019, 18:44

https://finance.yahoo.com/news/edited-transcript-rmg-l-earnings-232855274.html

Read the link above, it's a full transcript of an investor call held by RMG Senior Management with financial analysts held on November 21st.

Other RMG execs on the call included,

* Stephen Agar

Royal Mail plc - MD of Consumer & Network Access

* Stuart Simpson

Royal Mail plc - Chief Finance & Operating Officer

The attached exchange at the very end of the transcript is very interesting (n.b.: Rico Back: "So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires." .

Note the companies that were represented by the investors' representatives on the call:

    JP Morgan Chase & Co
    Crédit Suisse AG
    Deutsche Bank AG
    RBC Capital Markets
    Jefferies LLC
    Barclays Bank PLC

Who in that lot isn't already a millionaire?

Especially the CEO with his £6M Golden Hello!

Unbelievable arrogance!

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Alex Paterson, [37]

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It's Alex Paterson from Peel Hunt. Three questions, please. Firstly, could you just clarify, has there been any impact on parcel volume since the CWU vote to strike? Secondly, if the CWU doesn't change its position and adopt the changes that you want, then what? What levers can you pull? Do you rein back on the investment to save cash? And thirdly, Ofcom, obviously ruled against you and you've recognized that provision now, the CAT categorically and comprehensively ruled against you. [Saying whistles case is] without merit, seems like a little bit of a strong statement on that. What do you think they would have to demonstrate above those rulings, if anything, for them to have a strong case.

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Rico Back, Royal Mail plc - Group CEO & Director [38]

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Any strike announcement is making parcel clients nervous. So they will try to find alternative routes. You can see it also in history, [overall in Royal Mail] now whenever you had a strike announced and people try to find alternatives or set up something different. So clearly, that is not very good. On the other hand, we have a good sales force, we told that we invest into contingency, we told that we just maintain important things. I think our first priority was the election and our second priority is to [put] Christmas. We have put extra, like I said, 26,000 people in place just to make sure that the election is working. Christmas is working. And in case of a problem with the unions, we have a contingency arrangement there. And our clients are trusting us. So yes, we see some effects. It's not without it. But -- and the grand scheme of things, our growth is still there. And we are right now coming into a period where growth is in all the parcel markets. So I think our clients were pleased that we just could find time to pause our debate with the unions, and we're going to look at this next 6 to 8 weeks, which we are having to find a solution starting on Thursday, Sally and Achim. So we are there. Yes, it's damaging. But our contingency arrangements, our investments into it, probably should have hit, partly our productivity number for the second half, but it helps the quality for and the sustainability for our clients, sort of that's what we have done, the first thing.

So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires. So we are targeting to have a sustainable business model. We are targeting to have extra resources in order to maintain a good service quality. We're targeting to have a peaceful relationship with the Union, so to come out of it. I can't rule out that we won't make it. That's what I said. So if there would be, let's say, industrial relations activities, I think our first target is to have contingency arrangement there as much as we can. In order to protect the service for the U.K. public for our clients, that's the first target, which we are having. And at the end, Royal Mail always has found a way to find a settlement with the unions. We know that the unions are part of our company. And like I said before, the good thing, which joins us up is that we want to grow. And to harm a business not to be able to grow harms it at the end of the company to be able to pay the good wages, which we are paying. So I think there's a mutual interest to come to a solution at the end. Like I said, maybe I say it always, it will be a noisy period now, and we are noisy. Good for Christmas and election. Let's see where we end up, hopefully, at the right spot.

On the Ofcom, we were -- we are very disappointed with the results. We are in the process to review all our legal options and activities. And after that, we'll decide what to do. So I can't say more on that one. It's an ongoing legal evaluation.

Next question? No more questions. That's good because we are completely in line with sort of our target timing. I thank everybody very much for coming. It's been a great pleasure from us having you here. Again, I was pleased to confirm the half-year performance in line with what we have said. And we're more pleased to confirm that we will deliver what we have promised for the full year. That is for Stuart and me, I think credibility is everything. And this is why we told you there are risks for the second year. According to our plans, we have some mitigation activities in place. We are, again, committing to the 3- and 5-year promises, which we have made as our vision. There might be a delay in the third year, depending on it, we are very, very sure the 5-year guidance is there, the 15p per share and dividend policies underpinned by cumulative inflow cash flow. So thank you very much for staying with us. Thank you for the questions. Have a good day today. Thank you.

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Rico Back quote, "So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires."

25 Nov 2019, 19:22

Well-iffy grammar, or what? At least the CWU tries to be clear in it's intention. These feckers are in charge!!!...or if they were not, we would all be much the better off for it...if only!

Rico Back quote, "So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires."

26 Nov 2019, 09:14

26,000 extra people in place for the election ! really, well please send some our way then to get shut of all the crap that's descended on us recently.

Rico Back quote, "So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires."

26 Nov 2019, 11:43

ted_e_bear wrote:26,000 extra people in place for the election ! really, well please send some our way then to get shut of all the crap that's descended on us recently.


If those extra people were to be introduced on the let's say Parcelforce Parcel strategy, there won't be need to use agency employees on the core business once the part-timers were made up to full-time.

Rico Back quote, "So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires."

26 Nov 2019, 16:36

We have given managers full visibility of outdoor activity on our 60,000 daily routes and are in the process of deploying a digital routing tool. new delivery methods and our separate van deliveries.Hours capture tool have been developed. This is basically a system to clock in and clock out just some of the highlights for d/0 staff : our letter volume guidance for this year is now 7% to 9% decline. And for next year, 6% to 8%. this is quality reading at its best the future is going to be a barrel of laughs

Rico Back quote, "So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires."

26 Nov 2019, 18:08

Why worry Mr Back? £5.8 million to move from a subsidiary of Royal Mail to Royal Mail? :Boo hoo!

Rico Back quote, "So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires."

27 Nov 2019, 19:13

scoobydo79 wrote:Why worry Mr Back? £5.8 million to move from a subsidiary of Royal Mail to Royal Mail? :Boo hoo!

can't the union instigate a vote of no confidence in the boards 5 year plan, for all cwu members whom own shares ie the workforce. Hey it's a private gig which is temporarily headed by a board of all our choosing. That's the conundrum: the workers do own a lot of shares between them and it's their terms and conditions the same board wants to erode, AND HAS STARTED with abrogation of legal agreements and similar disrespectful shenanigans toward their workers (en mass) voting to be included in the next 5 year plans...FFS...the ceo is working to his own agenda for change and is accountable NOW, not in 5 years...SURELY?

I agree with a previous post, suggesting hiring Chronias or ilk to do for Back and Co.; on OUR BEHALF... a corporate action for illegalities in abandoning previous agreements to work TOGETHER: not on their own agenda at the expense of the workers. Managers are tret well enough. board has its wages and bonuses. why shaft the staff for cash cos you need some extra wonga? It's because they can and will wring every penny out of every person BENEATH them rather than invest in their efficiency drive...WE ARE NOT IN THIS TOGETHER; SOME PEOPLE THINK THEY ARE ABOVE AND BEYOND REPROACH.

Well, Karma my non-friend of mine mr. porky scratchings (with Haerr from th'Back o'swine)...karma:
For the innocent, the past may hold a reward. But for the treacherous, it's only a matter of time before the past delivers what they truly deserve.

Rico Back quote, "So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires."

30 Nov 2019, 02:56

Well Rodney we will be millionaires if we can shaft the workforce do as I say not as I do because I don't do nofiking at all sweet FA when I f**k the s**t out of these hard working postmen before they know it we will be having sangria's on the algarve while they don't even know what hit them. But RICO you told them and they saw what you did in Europe to his fellow Germans. You PLONKER Rodney they will think its a ruse. OK RICO but what if word get's out we are screwing them all then were finished Rodney so bullshit them and tomorrow we will be millionaires or they will all be millionaires! You PLONKER

Rico Back quote, "So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires."

30 Nov 2019, 18:53

The biggest flaw in Rico's 5 year plan (like other previous CEOs 5 year plans) is that without an agreement with the CWU there will be many setbacks and a major impact on our quality of service. You can't just bluff it by telling us all that we will continue to get best terms and conditions whilst spending billions on parcel hubs without first investing in your workforce. And it's clear for all to see that the company can somehow afford these pay increases to managers and at present dozens of agency staff who are rumoured to being paid £15 per hour.

Rico Back quote, "So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires."

30 Nov 2019, 20:52

postslippete wrote:The biggest flaw in Rico's 5 year plan (like other previous CEOs 5 year plans) is that without an agreement with the CWU there will be many setbacks and a major impact on our quality of service. You can't just bluff it by telling us all that we will continue to get best terms and conditions whilst spending billions on parcel hubs without first investing in your workforce. And it's clear for all to see that the company can somehow afford these pay increases to managers and at present dozens of agency staff who are rumoured to being paid £15 per hour.

The biggest hole in his plan is a collectivised workforce and we must not give one inch centimetre of our union as one we shall stand for one and all.

Rico Back quote, "So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires."

30 Nov 2019, 21:33

k979aaa wrote:
postslippete wrote:The biggest flaw in Rico's 5 year plan (like other previous CEOs 5 year plans) is that without an agreement with the CWU there will be many setbacks and a major impact on our quality of service. You can't just bluff it by telling us all that we will continue to get best terms and conditions whilst spending billions on parcel hubs without first investing in your workforce. And it's clear for all to see that the company can somehow afford these pay increases to managers and at present dozens of agency staff who are rumoured to being paid £15 per hour.

The biggest hole in his plan is a collectivised workforce and we must not give one inch centimetre of our union as one we shall stand for one and all.

What union lost all confidence in them.

Rico Back quote, "So if the CWU doesn't come down, if the word if wouldn't be there, we would be all millionaires."

30 Nov 2019, 22:27

aiden01 wrote:
k979aaa wrote:
postslippete wrote:The biggest flaw in Rico's 5 year plan (like other previous CEOs 5 year plans) is that without an agreement with the CWU there will be many setbacks and a major impact on our quality of service. You can't just bluff it by telling us all that we will continue to get best terms and conditions whilst spending billions on parcel hubs without first investing in your workforce. And it's clear for all to see that the company can somehow afford these pay increases to managers and at present dozens of agency staff who are rumoured to being paid £15 per hour.

The biggest hole in his plan is a collectivised workforce and we must not give one inch centimetre of our union as one we shall stand for one and all.

What union lost all confidence in them.

The Union is not an entity is is solidarity with us all as for the leadership of the CWU they don't have a clue and it is time they got their act together.

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