New Home Owners And Snagging Forum
Investments => Financial Markets and the economy => Topic started by: Philofacts on June 18, 2011, 09:55:41 am
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Royal Mail Chief Executive Moya Greene (57) has received a £142,000 reward, just £500 short of the Prime Minister's annual salary. This was in addition to her £500,000 basic salary, which with the bonus, pension and other benefits brings the total for her first nine months in the job to £777.611 - making her one of Britain's highest-paid civil servants.
Meanwhile the average postman is being paid £18,760. Royal Mail announced a slump in operating profits to £39m down from £180m the previous year. The core business, letters and parcels, made a loss of £120m compared to a profit of £20m for the year before. This was the worst performance for seven years.
So it makes you wonder what Miss Greene did to justify her large salary and how on earth she could be paid a BONUS for the worst performance in seven years; managing to turn a profit of £20m into a loss of £120 million - despite large increases in the price of postage.
If Miss Greene worked in the private sector she would have been sacked for such a poor performance, if she had a shred of decency she would resign.
In any event the whole way her pay and benefits is determined needs a radical overhaul for as long as the public purse continues to subsidise the Royal Mail. The Royal Mail is "balance sheet" insolvent and would not survive without a £1.7bn handout from Taxpayers. Expect to see the price of stamps rocket as the Royal Mail is fattened up ready for privatisation!
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It would take most people on "normal" salaries of say £45,000 around 17 years to EARN what this woman got paid for just 9 months "work"
And she managed to turn a £20m profit into a £120m loss.
So much for more women in the boardroom!