Royal Mail chief Moya Greene needs higher pay, says chairman

[POSTMAN]

http://www.telegraph.co.uk/news/uknews/ ... irman.html" onclick="window.open(this.href);return false;

Chairman of newly-privatised postal service says Moya Greene is “lowest paid chief executive in the FTSE100” and that a pay rise is a “necessary part of making sure we keep her.

Royal Mail chairman Donald Brydon has warned that the delivery company must raise the £1.5m pay package of Moya Greene or risk losing her as chief executive.
The City veteran said Ms Greene has been rewarded by a “Government-controlled pay structure” that had to be adjusted following Royal Mail’s historic privatisation in October.

In an interview with The Telegraph, Mr Brydon said Ms Greene was the “lowest paid chief executive in the FTSE100” and that a pay rise was a “necessary part of making sure we keep her.”

“I think it’s only fair to pay Moya the right market rate for her job,” he said. “I’m not in the school that says top executive pay is without fault, there are parts of it that are egregious and wrong. But happily we are so far away from that end of it that to try and right-size her a bit I think is a necessary part of making sure we keep her.”
Ms Greene was paid a base salary of £498,000 last year but earned a total package of £1.5m, including bonus and pension payments. The Canadian-born boss was also awarded a £250,000 housing allowance which Ms Greene later handed back amid fierce criticism about the payment.


A pay increase is likely to meet resistance from Vince Cable, the Business Secretary, who is responsible for the Government’s remaining 30pc stake in Royal Mail. In its prospectus, Royal Mail promised to consult with investors before making any changes to its remuneration policies.

Mr Brydon, who said Ms Greene was the “best hire I’ve ever made”, said he was ready to start the consultations. He said: “In the prospectus the Government said the Secretary of State would act in a commercially responsible way so we will find out in due course.”

Last week Mark Higson, Royal Mail’s managing director of operations and modernisation, quit in a reshuffle. Mr Brydon said there would be no row over his departure pay when it is published in the annual report. “It will be perfectly straightforward,” he said. “There’s a contract, there’s nothing egregious in that at all.”

Ms Greene is credited with the radical transformation of Royal Mail from a loss-making state-owned business into a profitable FTSE 100 company. Royal Mail, which has £9bn of revenues and 150,000 staff, is expected to report increased profits in a third quarter trading update this week. The company is expected to have benefited from a Christmas period in which a record level of shopping was done online.

The results could renew accusations that the Royal Mail was sold too cheaply. Having been floated at 330p in October, Royal Mail shares closed at 604p on Friday.
Mr Brydon said he didn’t think the company was undersold. “My hunch is that is the Government had pushed the price significantly higher, there was a real risk of [the flotation] flopping,” he said.

Since then, he said, Ms Greene has “done a fantastic job” securing a three-year deal with the trade unions to remove the threat of industrial action from the company. But he said there were still regulatory reforms that are needed to ensure that the company does not face unfair competition.

“If others want to compete with us inside the Universial Service Obligation then they should meet the same standards we have to meet,” he said. “We have to deliver a first class letter the next day 93pc of the time. So should anybody else who offers a similar assurance. It would be completely unfair to allow other people to do the deliveries but not to monitor their services to the same level.”

He added: “Part of Ofcom’s role [as regulator] is to make sure that the Universal Service Obligation is financially viable. So what they mustn’t do is allow people to cherry pick all the profitable bits of the business and leave the rest to the incumbent.”

[bogstandard]

i can't say how disgusted i am with Mr. Brydon.
Ms green was quite happy with the contract she was offered now its all "the market rate for a FTSE 100 company"
I'm sure he won't benefit himself either???????????????????????????????????????

[Jamesethefirst]

I did read somewhere that Ms Greene is very sensitive about her pay......can't think why.

[Judgee]

She has done sweet FA since she started. All the changes going through were in the pipeline before she even arrived. The only two things she pushed was raising the cap on DSA charges and that should never have been restricted in the first place and scrapping the phantom shares.

If a couple of million isn't enough for her then I'm sure there's plenty of other people who would do an equally good /better job for alot less money!

[ashadd]

well im a share holder , and I say f**k off.

[Darren Bent]

If she is not happy with her pay, I don't mind swapping job with her.

[westlondonpostie]

A case of "you scratch my back" me thinks.

[Straight4ward]

well im a share holder , and I say f**k off.

Well, as shareholders we could all vote against acceptance of the directors’ remuneration.
Sadly though, we don’t have a big enough shareholding between us to make a difference
but it might make you feel a little better, even if it’s only a token gesture.

[Grinder64]

You can vote here as to whether you think she's worthy of her pieces of silver: http://www.huffingtonpost.co.uk/2014/01 ... d%3D237794" onclick="window.open(this.href);return false;

[TrueBlueTerrier]

Quick Poll
Should Moya Greene get paid more?
Yes 17.72%
No 82.28%

[Jamesethefirst]

I did read somewhere that Ms Greene is very sensitive about her pay......can't think why.

From what I remember a member of the public emailed her,to comment on her level of pay and she got very defensive about it. I can't understand why all the journalists in the business sections of newspapers ,hold her up to be some kind of super businesswoman,as others have pointed out she has only continued what had been started by others. When it all goes wrong,which it will,then and only then will we see what she is made of.

[Budfrog]

So if all the chief executives in the FTSE100 are overpaid then Ms Greene should be offered the same .... leave her T&Cs as they are, if she wants to leave I'm sure there will be a decent short list of equally capable candidates.

[Pinky 1]

Chairman of newly-privatised postal service says Pinky is “lowest paid postman in the FTSE100” and that a pay rise is a “necessary part of making sure we keep him.

Royal Mail chairman Donald Brydon has warned that the delivery company must raise the £20 grand pay package of Pinky or risk losing him as a postman.
The City veteran said Pinky has been rewarded by a “Government-controlled pay structure” that had to be adjusted following Royal Mail’s historic privatisation in October.

In an interview with The Telegraph, Mr Brydon said Pinky was one of the “lowest paid full time postman in the FTSE100” and that a pay rise was a “necessary part of making sure we keep him.”

“I think it’s only fair to pay Pinky the right market rate for his job,” he said. “I’m not in the school that says top postman's pay is without fault, there are parts of it that are egregious and wrong. But happily we are so far away from that end of it that to try and right-size him a bit I think is a necessary part of making sure we keep him.”
Pinky was paid a base salary of £20,000 last year but earned a total package of £20,436 including bonus and pension payments. The Welsh-born postman was also awarded naff-all in housing allowance which Pinky couldn't hand back amid fierce criticism about the non payment.


A pay increase is likely to meet resistance from Vince Cable, the Business Secretary, who is responsible for the Government’s remaining 30pc stake in Royal Mail. In its prospectus, Royal Mail promised to consult with investors before making any changes to its remuneration policies.

Mr Brydon, who said Pinky was the “best hire I’ve ever made”, said he was ready to start the consultations. He said: “In the prospectus the Government said the Secretary of State would act in a commercially responsible way so we will find out in due course.”

Last week Mark Higson, Royal Mail’s managing director of operations and modernisation, quit in a reshuffle. Mr Brydon said there would be no row over his departure pay when it is published in the annual report. “It will be perfectly straightforward,” he said. “There’s a contract, there’s nothing egregious in that at all.”

Pinky is sometimes credited with the radical transformation of Royal Mail from a loss-making state-owned business into a profitable FTSE 100 company. Royal Mail, which has £9bn of revenues and 150,000 staff, is expected to report increased profits in a third quarter trading update this week. The company is expected to have benefited from a Christmas period in which a record level of shopping was done online.

The results could renew accusations that the Royal Mail was sold too cheaply. Having been floated at 330p in October, Royal Mail shares closed at 604p on Friday.
Mr Brydon said he didn’t think the company was undersold. “My hunch is that is the Government had pushed the price significantly higher, there was a real risk of [the flotation] flopping,” he said.

Since then, he said, Pinky has “done a fantastic job” securing a dodgy, unagreed as yet three-year deal with the trade unions to remove the threat of industrial action from the company. But he said there were still regulatory reforms that are needed to ensure that the company does not face unfair competition.

“If others want to compete with us inside the Universial Service Obligation then they should meet the same standards we have to meet,” he said. “We have to deliver a first class letter the next day 93pc of the time. So should anybody else who offers a similar assurance. It would be completely unfair to allow other people to do the deliveries but not to monitor their services to the same level.”

He added: “Part of Ofcom’s role [as regulator] is to make sure that the Universal Service Obligation is financially viable. So what they mustn’t do is allow people to cherry pick all the profitable bits of the business and leave the rest to the incumbent.”

[El-Bandito]

Quick Poll
Should Moya Greene get paid more?
Yes 17.72%
No 82.28%

Quoting Brydon, Moya has been a success. Nothing about RM workers
Moya is not fit for purpose anymore=£1.5 million savings. GO NOW.

[malcolm3011]

You can vote here as to whether you think she's worthy of her pieces of silver: http://www.huffingtonpost.co.uk/2014/01 ... d%3D237794" onclick="window.open(this.href);return false;

resounding 83per cent say NO.....