Royal Mail group in revolt against chairman Donald Brydon

[TrueBlueTerrier]

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ROYAL MAIL shareholders are being urged to oust chairman Donald Brydon ahead of its maiden annual meeting this week.

By: Ravender Sembhy

Published: Sun, July 20, 2014


Influential shareholder lobby group Pensions Investment Research Consultants (PIRC) has expressed ­concern that Brydon cannot devote enough time to both Royal Mail and FTSE 100 software group Sage, which he also chairs.

A spokesman for PIRC said: “We oppose the reappointment of Donald Brydon because being chairman of a FTSE 100 company is a crucial role. It’s a difficult task to be chair of more than one firm at a time especially one that’s just been privatised. We are concerned that he cannot devote enough time to both positions.”

PIRC is also advising investors in the recently ­privatised postal group to vote down Royal Mail’s three-year incentive plan at Thursday’s annual meeting. Under the scheme executives can net up to 98 per cent of their salary in bonuses if certain targets are met.

The spokesman added: “PIRC believes that long-term incentive plans don’t work, they are inherently flawed and open to manipulation.”

Royal Mail chief executive Moya Greene, who is ­credited with reviving the firm’s fortunes, took home £1.35 million last year in pay, bonuses and perks.

Royal Mail will also update the market on its ­performance in the first quarter this week with City analysts forecasting it will continue to lose market share to TNT Post

PIRC said: “Attention will be on remuneration and the long-term incentive plan. Royal Mail needs to set its stall out for the next five years when it comes to executive pay.”

The postal giant will also update the market on its ­performance in the first quarter this week with City analysts forecasting it will continue to lose market share to TNT Post. Broker Nomura has revised down its pre-tax profit forecasts for the year from £482 million to £441STnSmillion.

Nicla Di Palma, equity analyst at Brewin Dolphin, says: “There has likely been a further decline in letter volumes and some improvement in parcel volumes.

“On the other hand, competitors in the parcels ­business have become more sophisticated, keeping ­prices relatively low, while Royal Mail seems to be ­lagging behind.”

Business Secretary Vince Cable is conducting a review into the way the government conducts stock market flotations of public assets following the fall-out from Royal Mail’s IPO, which most observers agree significantly undervalued it and did not represent value for tax payer’s money. Royal Mail did not respond to requests for comment.

[DirtyHarry]

What a load of codswallop.
Brydon is as important a cog in the Royal Mail wheel, as the least productive element.
Oooops! The chairman, any chairman, IS ALWAYS the least productive element of any company.

[rhino49]

What a load of codswallop.
Brydon is as important a cog in the Royal Mail wheel, as the least productive element.
Oooops! The chairman, any chairman, IS ALWAYS the least productive element of any company.

Sorry Harry, but I can think of at least two people in my office who would compete for that honour :)

[wabbithunta]

What a load of codswallop.
Brydon is as important a cog in the Royal Mail wheel, as the least productive element.
Oooops! The chairman, any chairman, IS ALWAYS the least productive element of any company.

Sorry Harry, but I can think of at least two people in my office who would compete for that honour :)

That could possibly be said for most offices..eg: DIMs and linos, as most of them seem to head the queue in a lot of DO's

[oypostie]

They can't oust him till they find him.

Donald Brydon A.K.A. "The Invisible Man"

[Glenno]

They can't oust him till they find him.

Donald Brydon A.K.A. "The Invisible Man"

It's the guy outta eastenders???/