Non-executive director blamed over pay row quits Royal Mail board

[postareale]

https://www.thetimes.co.uk/article/non- ... -bmjs5nfpp

Non-executive director blamed over pay row quits Royal Mail board

Simon Duke, Technology Business Editor
May 31 2019, 12:01am,
The Times

Royal Mail was privatised in 2013 for 330p a share, a price that was fiercely criticised at the time for being too low

Royal Mail has parted ways with the non-executive director at the heart of last year’s shareholder rebellion over boardroom pay.

Orna Ni-Chionna, its senior independent director, will stand down at the annual general meeting in July after nine years at the postal service.

The former McKinsey consultant headed the remuneration committee at Royal Mail, which suffered one of the largest pay revolts on record last summer.

Shareholders took aim at a near-£1 million “golden goodbye” for Dame Moya Greene, 64, its former chief executive, and a one-off payment of £5.8 million for her successor, Rico Black, 65. About 71 per cent of investors rejected Royal Mail’s pay report, with 15 per cent voting to remove Ms Ni-Chionna, 63, from the board.

Her seat on the board will be taken by Baroness Hogg, the senior independent director of the Financial Conduct Authority and a former economics editor of The Times. In 2002 Lady Hogg, 73, became the first woman to chair a FTSE 100 company when she took the reins at 3i, the investment firm.

She joins at a time of turbulence for Royal Mail, whose market value has fallen by two thirds over the past year. Its parcels division has been struggling to make up for a structurally declining letters division.

The company traces its history back to the era of Henry VIII and was privatised in 2013 for 330p a share, a price that was fiercely criticised at the time for being too low. Royal Mail shares closed 2¾p higher yesterday at 205¼p.

Keith Williams, chairman of Royal Mail, said Ms Ni-Chionna had “played a key role” during her nine years on the board, the maximum tenure for a director before they are deemed to lose their independence. He credited her with overseeing “extensive shareholder engagement in recent months”.

Simon Thompson, an executive at Ocado, will replace Ms Ni-Chionna as senior independent director.

Mr Williams said he was “delighted” that Baroness Hogg would be joining, citing her “wealth of experience from both the private and public sectors”.

The Times e-paper

[Celgar]

If you read the article Miss Ni-Chionna didn't actually resign or quit the position nor was she sacked. Neither has she admitted to making bad decisions in the job she held. For Mr Williams to suggest she took part in 'extensive shareholder engagement' is a complete joke. After she was pulled up by both shareholders at the AGM and the business select committee she shrugged her shoulders and completely ignored everyone. She then proceeded to advocate giving nearly six million pounds tax free to Rico Black. She had to go as her nine year tenure had ended but nothing will change.

[cockneyrebel]

Said it many times on here
Why do we need Non Executive Directors in a Company of our standing ??
Lead to believe salary around £85,000 for 2/3 days work a week !!!!!!!!!!!!!!!!!!!!!!!
anyone confirm/deny that within the Company ????????
Told we need to save money ??
What impact on the day to day running of the business can they have ??
How can they make life better for vast majority of the workforce ??
Instead of rhetoric !! saying years of finacial experience, knowledge etc ?? vague to say the least
Tell us in simple english-what are they going to do to earn those salaries ??
Sitting around a Table once/twice a week wont do a lot or will it ???