Former Business Secretary Vince Cable calls for Royal Mail to cut fat-cat pay

[rogersh]

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The Business Secretary who led the privatisation of Royal Mail has urged the postal service to cut fat-cat pay in response to the coronavirus crisis.

Sir Vince Cable oversaw the listing in 2013, and said a reduction to executive pay was the socially-responsible thing to do after bosses axed the dividend last month.

Top fund managers have already urged boardrooms to 'share the pain' if investors and staff are asked to make sacrifices during the pandemic

The issue has been highlighted by the Mail's Time To End Fat Cat Pay campaign.


Cable said: 'I think Royal Mail should certainly be considering executive pay cuts.
The company is privately owned but it clearly still has social responsibilities and that should be reflected in the way they approach this pandemic.'

The comments will pile further pressure on Royal Mail to slash executive pay following its decision to cancel its final dividend to conserve cash just over three weeks ago.

Royal Mail has yet to commit to any reduction in pay, saying only that its pay committee will look at the issue in 'the normal way'.

Rico Back, chief executive, is also under fire after the Mail revealed he is running the company from his £2.3million home in Switzerland while the UK's lockdown continues.

Operating chief Achim Dunnwald is also working from his native Germany.

Critics have called on Back, 66, to return to the UK, where Royal Mail is grappling with unprecedented pressure because of the pandemic, or resign.


Postal workers have claimed that demand in some areas is outstripping levels seen at Christmas, with staff from around the UK being asked to work overtime at the most overrun centres in the North East.

The Communication Workers Union (CWU) has called for the company to drop deliveries if advertising mail – a key source of revenue – to ease the pressure.

A union spokesman said: 'The backlog across the UK is building up. Meanwhile our members are being forced by the company to continue to deliver advertising mail as Royal Mail put profit before people.

'It is also not right that our members are dealing with the fall out of this crisis whilst the two most senior managers in the business live and work abroad. Postal workers and the British public deserve better.'

A Royal Mail spokesman said: 'Executive remuneration matters will be considered by the remuneration committee in the normal way as part of our year end process.

'We are aware of the position adopted by various shareholder representation groups.'

[Biker Mouse]

Dear Mr Cable

F*** off!
Kind regards
Biker Mouse


I can see where he’s coming from but he needs to keep his nose out of our business, he’s done enough damage.

[frankieboy]

Dear Mr Cable

F*** off!
Kind regards
Biker Mouse


I can see where he’s coming from but he needs to keep his nose out of our business, he’s done enough damage.

Well said, I'll 2nd that.

[Tman]

Go back to sleep now Vince and the nice helper will wake you up with a cup of tea when Tipping Point comes on.

[enskied]

what a twat Vince is.