£1.5m for Royal Mail boss – but house cash is repaid
The chief executive of Royal Mail received almost £1.5 million in pay and benefits in the last financial year, although she is returning £120,000 paid towards the cost of buying a house.
Moya Greene’s salary remained at £498,000, but extras included £399,000 under a short-term incentive plan, £200,000 in lieu of a pension and £127,000 in benefits such as medical insurance and return flights to her native Canada.
She also received £250,000 towards the cost of buying a house after the remuneration committee decided a single payment should be made rather than an annual allowance. The sum amounted to £120,000 after tax.
In Royal Mail’s annual report and financial statements, it was revealed Business Secretary Vince Cable had told the committee it should have sought his approval for the payment.
“Although it had not done so, the remuneration committee considers it made its decision in good faith in exceptional circumstances,” the report said.
“When she learned of this background, the chief executive voluntarily offered to return this assistance.”
Mr Cable said: “I am pleased that this unapproved payment is being returned. The company acted quickly to rectify the situation.
“A mistake was made in not seeking my approval: I would not have approved it. The chairman is sorry, the payment is being returned, I now regard the matter closed.”