How high quality service helped four RM bosses earn bonuses

[TrueBlueTerrier]

How 'high quality' service helped four Royal Mail bosses earn £310,000 in bonuses

Royal Mail’s four highest-paid bosses were entitled to £310,000 worth of bonuses last year directly linked to quality of service.

Those bonuses are now likely to be called into question after it emerged that the company’s market research is being manipulated by staff.
The latest directors’ remuneration report by Royal Mail Holdings plc states that 30 per cent of the bonus paid to the company’s top executives is based on “service quality” which includes the delivery times of letters and parcels. The remainder of the bonuses are based on the company’s profits.

In 2008-09 Adam Crozier, the chief executive of Royal Mail Group, was entitled to a performance-related bonus of £453,000 on top of his basic salary of £633,000. A total of £135,900 of the bonus was based on “service quality”. He opted to put £314,000 of his bonus into a Long Term Incentive Plan, meaning he will only get the money if Royal Mail hits future targets, leaving him with a total pay package of £995,000, the second-highest of any public sector boss.

During his seven years at Royal Mail Mr Crozier, 46, controversially ended twice-daily deliveries and moved delivery times to later in the day, meaning many households do not get their mail until lunchtime at the earliest. He has also axed 45,000 jobs.

But he has repeatedly claimed that he has helped deliver the best postal service since Royal Mail became an independent company.
Mark Higson, managing director, Royal Mail Letters, earned a bonus of £231,000 last year, including £69,300 based on service quality. He opted to put £121,000 of his bonus into a Long Term Incentive Plan, leaving him with a total pay package of £722,000.

Alan Cook, managing director, Post Office Ltd, who oversaw the closure of thousands of post offices after joining the company in 2006, was entitled to a bonus of £166,000 on top of his £282,000 salary. In his case, £49,800 of the bonus was based on “service quality”. Mr Cook waived £90,000 of his bonus into a Long Term Investment Plan, leaving him with a total pay package of £480,000.

Ian Duncan, Royal Mail’s £325,000-a-year group finance director, was entitled to a bonus of £186,000, of which £55,800 was based on service quality. He put £100,000 of his bonus into a Long Term Investment Plan, meaning he took home £498,000 before tax.

[DirtyHarry]

Good Lord!!
Our bosses honesty being called into question?
Whatever next?

[pinstripe]

"How 'high quality' service helped four Royal Mail bosses earn £310,000 in bonuses"
"emerged that the company’s market research is being manipulated by staff"

Why does every article concerning this fiddle, always infer that it was the posties doing the fiddling?