Jul 10, 2018

Royal Mail faces shareholders’ pay revolt

Royal Mail's decision to pay a higher salary to Rico Back, its new chief executive, than that of his predecessor has been criticised by two leading shareholder advisers, which called on investors to vote against the British postal group's remuneration plan. Institutional Shareholder Services and Glass Lewis, the world's largest and most influential proxy advisers, have recommended that shareholders reject Royal Mail's pay report at its annual meeting this month. In response, Royal Mail said it had sought to ensure broadly the same level of overall fixed cash remuneration - which includes base salary, pension entitlements and benefits - for Mr Back and Ms Greene. Despite its criticism, ISS acknowledged that Royal Mail's chief executive total pay was just 0.63 times the median of peers. The median pay for FTSE 100 bosses fell to £3.45m in 2016, according to the High Pay Centre think-tank.

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