Royal Mail votes down pay packet

Royal Mail shareholders have voted against the firm’s plan for directors’ pay after a row over a salary rise for its new Zurich-based boss.

The directors’ remuneration report was rejected at its annual general meeting with 70 per cent of proxy shareholders voting against the package.

New chief executive Rico Back is set to receive a £640,000 annual salary, £100,000 more than outgoing boss Moya Greene.