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Expert Corporate Governance Service (ECGS)
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Royal Mail - Proxy report 19/07/2018

Leadership Changes

Moya Greene resigned as CEO and Rico Back was appointed as the new CEO on June 1, 2018.

Item 2: Approve the Remuneration Report

Though the STI appears to link pay with performance and the quantum is not excessive, the structure is not weighted more towards rewarding long-term performance. Instead, it is more heavily weighted toward the short term. The maximum bonus, pension and benefits exceed guidelines. Accelerated vesting is possible. 50% of the LTI vests at threshold performance, which exceeds market practice.

Item 9: Re-elect the Chairman

His potential aggregate time commitments exceed ECGS guidelines as he serves as Chairman of three listed companies. It is especially important for the Chairman to have sufficient time to dedicate to the Board.

Underlying
Royal Mail

Royal Mail is a delivery company. Co. delivers letters and parcels across the U.K. Co.'s operations and networks comprised of: UK Parcels, International & Letters (UKPIL) and General Logistics Systems (GLS). UKPIL comprises Co.'s main U.K. and international parcels and letters delivery businesses under the Royal Mail and Parcelforce Worldwide brands. It supports the provision of services for the collection, sorting and delivery of parcels and letters by Co. GLS is Co.'s European parcels business. It operates parcel delivery networks in Europe. The GLS network covers 41 European countries and nation states through a combination of wholly-owned companies and partner companies.

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Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

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Expert Corporate Governance Service (ECGS)

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