Top MP slams Royal Mail executive pay

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Following a Business, Energy and Industrial Strategy Committee evidence session yesterday on executive pay, Rachel Reeves, Chair of the Business, Energy and Industrial Strategy Committee, has commented on executive pay at Royal Mail.

Rachel Reeves MP, Chair of the Business, Energy and Industrial Strategy Committee, said:“This morning we’ve heard a woeful tale of poor shareholder engagement at Royal Mail. Royal Mail failed to consider any alternative to Rico Back as their new CEO and splashed out £5.8 million on breaking his contract, a sum that could have hired 252 postmen and postwomen. We heard that no UK tax was paid on this astounding multi-million-pound deal, a sum paid for by UK customers as they post their letters and parcels, and an amount which would appal postmen and postwomen, and the wider public.

“Companies need to pay much more attention to their shareholders, workers. and the public when they set chief executive pay. As a Committee we will continue to take a close eye to the issue of corporate pay and examine what impact Government action, such as pay-ratio reporting, is likely to have on delivering fair pay”.