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Post Office Ltd Executive Committee Minutes
13™ July 2005
Room $33B, 1 Future Walk, Chesterfield
Present: David Mills (Chair), lan Anderson, Peter Corbett, Ric Francis,
‘ David Miller, Gordon Steele
In attendance: Ann Adams, Charles Colquhoun, Sylvia Stewart, Kevin Seller
Apologies: Graham Halliday
Notes: Neil Owen (notes)
No. Action Owner Timescale
C/f Investigate the possibility of paying Directly I David Miller Next EC
1. I Managed Branch staff £10 per sale instead of
employing field sales agents in branches. .
2 Each EC member would discuss their HYS All Next EC
° results with lan Anderson.
3. Investigate how a £25 bonus for the front line David Miller Next EC ia
“__I could be deployed. t :
Consider whether Patrick Waldron should join David Mills Direct.
4. I the Post Office Ltd Executive Committee as an I (All EC) Reports
observer at a future Direct Reports meeting.
Investigate/produce a list of the key people to. David Miller. . 18.07.05
5. I meet at Royal Mail Letters. Discuss. at a future
Direct Reports. __ : : ‘
Measure each product against the customer. Gordon Steele Next EC ak
6. I proposition, and determine which products could I Ric.-Francis: .
be fixed or disposed of. :
7._I Contact John Neill. Gordon Steele End July
Compose a suitable letter:to Adam Crozier to Gordon Steele 20.07.05
8. I outline Post Office Ltd's key priorities, having
first discussed. with Mike Hodgkinson.
Meet John Neill to discuss operational people: David Mills: Next EC
9. I processes / empowering front line to make
decisions. : .
40. Investigate the problems obtaining the new E1- I Gordon Steele Next EC
~ I.11 forms and plastic bags for passports. David Miller
Investigate whether ‘any improvements needed I Ric. Francis Next EC
41.. I to be made at Swindon (in relation to above ~ .
action). :
12 Report back at Direct Reports each week one All EC Ec/
"I activity which had been ceased.(‘Project SIN’). Directs
13, Arrange for a further round of stakeholder David Miller Next EC
* I events to take place. _ .
Consider a suitably senior person within Post AILEC End July
14 Office Ltd to lead the relationship with Royal
“ I Mail packets and send their suggestions to lan
Anderson. .
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15 Gordon Steele would ensure he obtained the __I Gordon Steele End July
* I feport otitlining Royal Mail's product changes.
Ensure. that the suggestions for radical change I Neil Owen -I 18.07.05
16 made at the social evening. were documented lan Anderson
* I and provided to lan Anderson for possible
discussion at the next Direct Reports meeting.
17 Discuss the incremental marketing spend with Peter Corbett End July.
"I Allan Leighton (in relation to the strategic plan).
Circulate the strategic plan to all EC members Peter Corbett End July
18. I for comment, and then forward to Mike
Hodgkinson and Allan Leighton.
Write to Christina McComb to inform her that Peter Corbett End July
the strategic plan was proceeding on the
assumption thatthe Social Network Payment
I would cease after 2008 because of the likely
difficulty securing approval at the European
level.
19.
Investigate the percentage of the urban and Peter Corbett End July
rural population that would remain within a
reasonable distance to a Post Office given the
potential reduction in network size.
20.
Inform Peter Corbett of the additional Gordon Steele End July
21. I information required to: help firm up his planning .
assumptions.
Consider:the most.effective-means to ‘ David Willer “I Next EC
22. I communicate-the*changes to the: Directly’ “Byfon:Roberts:
Managed. Branches. _ . .
Investigate whether instructions forthe ‘saleof I: David-Miller ‘Next EC
financial.services, products:could’be tailored:to: «I. pon
.23._I-the:numbernof:counters:positions:at.a Post.
: I Office. Consideration could’ be’given to targeting
a certain number ofbranch: ‘tranches’.
Action Notes —
1. Minutes of Previous. Meeting
The minutes of the last Executive Committee meeting (23/3/05) were
approved.
2. Status Report
The EC noted the following matters in relations to the actions:
AP 5 — The requirement to forward non-salés issues to Lynn Hobbs’ team has
been communicated and is now part of Business As Usual activity.
AP 8 — Initial discussions with the OFT had suggested a positive outcome.
AP _10- Kevin Gilliland would discuss refreshing the stands at the NFSP
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exhibition with Colin Baker (DWM)
AP 8 — Refurbishment of Ilford DMB: David Miller reported he was taking a
close interest in this to ensure it is treated as a priority and happens quickly.
AP 9 — Definitions and expectations set out in Brands Business plan: Gordon
Steele reported that a paper was circulated to EC members on 16/5/05 and he
will update at the next EC meeting (July) with regard to suppliers.
AP 28: This has become part of Business as Usual activity
Actions were assessed as completed (or absorbed into BAU), except the
following which were carried forward:
AP. 12: Investigate the offices that are, consistently recording low Have
Your Say scores.
AP 17: The specific reasons of bullying and stress caused by the sales
culture were the key reasons for offices recording consistently low HYS
scores.
Action: Each EC member would discuss their HYS. results with lan
Anderson.
AP 23: Investigate the possibility of paying Directly Managed Branch st : ff
£10 per sale instead of employing field sales agents, in branches.
ake An additional Action was identified: .
3 Action: David Miller would investigate how a £25 bonus could be
deployed in 4 different ways. :
The Executive Committee noted all other status report actions as complete’:
3._Chief Executive’s Business
> Employer's Forum for Disability: An away-day had taken place during which
EFD strategy for the next 5 years was considered.
Baroness Prosser: A meeting had taken place with Baréness Prosser, who
was extremely well connected and would clearly be a significant figure on thé
Royal Mail Holdings pic Board.
Shareholder Executive: Confidentiality meeting with Christina McComb and
Ruth Hannant. A legally binding confidentiality agreement had been requested,
relating to the significant-quantity of commercially sénsitive information that the
Shareholder Executive had asked Post Office Ltd to provide, but'this request
had been denied. DJM had expressed concern regarding continuity upon
Ruth’s departure to John Cowdock. A néed existed to keep a close eye on
developments to ensure that the necessary funding arrangements progressed
as planned.
Bangor Call Centre: A serious gross misconduct issue had taken place which
had resulted in the arrest of a'member of staff.
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Counterfeit Saving Stamps: A police investigation had revealed that £26 million:
of counterfeit saving stamps had been printed.. If these hit the market, POL is
ready to withdraw the product.
Death of Colleague: David Mills reported the death of Shanu Parathasangary
in the London bombing incident on’7" July 2005 during her travel to work.
Support was being provided for the family.
Visit to Moorgate and Barking: The visits to Moorgate.and Barking Post Offices
had goné Well. David Mills encouraged EC members to visit Moorgate, which
was a particularly good example of a 6 position counter with a-successful retail
operation.
Vitalise: David Mills had been appointed vice-president of Vitalise — a charity
which provided holidays for. the disabled with a sporting theme. Other
members of Vitalise included Dame Judy Dench and Esther Rantzen.
POFS: It Was suggested that the POFS top team be brought into Post Office
Ltd’s'Inspire’leadership course. It was also suggested that Partick Waldron join
the Post Office Ltd Executive: Committee as an observer.
Action: DJM agreed to take to direct.reports at a.later date.
Quarterly. Leadership Meeting: Some: feedback had.been received, although. .
»I typed notes. hadnot yet followed. The Post Office.EC. ‘would need to arrange:a
‘meeting with.Royal Mail Letters. .
Action: David.Miller would investigate the key people to.meet for
discussion at Direct Reports.on. 18.07.05.
Defect-Free Products: A need existed: to ensure: Post; Office.Ltd’s products
were: defect-free..Gordon.Steele commented.that:this was. made very
challenging.by:the exceptions. .
Action: Gordon Steele and Ric Francis would measure each product
against‘the customer proposition, and determine which products could.
be fixed or disposed of.
Action: Gordon Steele would contact John Neill at Vodaphone.
Post Office Ltd Priorities: The EC expressed concern that senior managers
within Royal Mail Group failed to understand Post Office Ltd’s priorities.
Action: Gordon Steele would compose a suitable. letter: to Adam Crozier
to outline these priorities, having first discussed with Mike Hodgkinson.
Operational People Process: Ann Adams reported that John Neill had
observed that the Operational People process was managed as ‘top down’
managers, rather than ‘bottom up’. A need existed to empower people at the
front line to.develop and implement solutions to problems
Action: David Mills would meet John Neill to discuss.
Colleague Communications Forum: The staff meeting held on 12.07.05 had
gone well. Dawn ??? had conducted a business analysis which had concluded
that the Impact Reference Data System. The Configuration Management
Database contained all.the required information.
Post Office Newspaper: Anecdotal feedback received from the front-line had
suggested there would be support for a Post Office Newspaper. Gordon Steele
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reported that a trial had already been undertaken, and that this opportunity had
been discounted.
Swindon Stores: The front line continued to report issues in obtaining E1-11
forms and plastic bags for passports.
Action: Dave Miller-and Gordon Steele would investigate these problems.
Action: Ric Francis would investigate the link with Swindon.
Project SIN (Stop It Now): David Mills reported his concern that too many non-
value added activities were still taking place.
Action: All EC members would report back at Direct Reports each week
one activity which they had ceased.
Recruitment: David Mills reported his concern that the recruitment process was
too protracted. The IT function contained many contractors, and a risk existed
that'the business was failing to develop its own IT staff sufficiently.
Travel: David Mill and lan Anderson had reviewed the revised travel budget of
each director, and expressed their satisfaction that costs had been sufficiently
reduced. ‘
Stakeholder Events: The EC considered whether there was enough news to
communicate to warrant another round of stakeholder events. In view of the;
importance of ensuring stakeholders were kept up to date with developments,
the EC agreed that a further round of stakeholder events would take place..i
Action: Dave Miller to arrange for-a further round of stakeholder events
to take place.
Strategic Away Day: David Mills feported that Royal Mail had decided to,
aif refresh all of its product lines. Gordon Steele commented that he did not seé .
any IT implications concerning the-ré-branding. Royal: Mail would. shortly 3 ri,
os introduce a new ‘packets’ business stream. A:senior manager from Post Office “a
Ltd would be required to interface with the new director. -
Action: Gordon Steele would ensure he obtained the report outlining
Royal Mail’s product changes.
Action: EC members would consider a suitably senior person within Post
Office Ltd to lead the relationship with Royal Mail Packets and send their
suggestions to lan Anderson.
Suggestions for Change. in Post Office Ltd: At the social event on 12.07.05, a
discussion had taken place to determine what areas could be dramatically
changed.
Action: Neil Owen would ensure these suggestions were documented
and provided to lan Anderson for possible discussion at the next Direct
Reports meeting.
4. Exceptional Business Items ;
Report Back on Strategy Away-Day
David Mills circulated the’ contents of a letter to Michael Mire which outlined
Post Office Ltd's proposed approach to execute the direction endorsed by the
RoyalMail Holdings Board at the strategic offsite meeting.
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The EC noted that:
(i) the support of McKinsey had been agreed in the interim period until
Post Office Ltd had identified and made available the person to lead the
change programme on a long-term basis;
(ii) the change managerwould need to be an integral part of the EC
thereby facilitating parts of the programme, -as they are, completed, into
Business as Usual;
(iii) the position would be filled by executive search, and Ann Peach would
headhunt for the position; adh
Y~ (iv) the new position would be a direct report to David Mills. It would be a, &o .
General Manager role and would initially sit on the Executive
1@ Committee, but not the Board;
(v) ‘the first priority would be to structure the programme to align to the
existing range of activities. The finance roadmap and balance sheet
restructuring would be led by Peter Corbett, Rural Strategy lead by Sue
Huggins, Directly Managed Branch programme lead by Byron Roberts,
CLS re-structuring lead by:Ruth Holleran and the DTI request on zero
based and commercial network lead by Ann Adams. Ann Adams’
contract had now been renewed for a further year;
(vi) The project to finalise and develop the workstreams would be called
‘Project Rainbow’, for which a draft'terms of reference would be
produced; .
(wii) - Sylvia: Stewart:reminded: the: EC. that not. only:was ‘the :timing.important,
>. additional: money:would-be:required:to execute the project. This needed.
-e to be:considered ‘against the:solvency. position ‘of:the.company;
(viii). David Miller reminded the’EC-that:RMG.also had-significant ‘additional
priorities;.such-as. the automation initiative;
(ix), Peter Corbett-explained:that it-would:be important to.move from the
‘What.and the how’ phase‘to the~planning and:execution’ phase very
. quickly. Objectives:would be required that.were. aligned .to.the
programme,
(x) Charles Colquhoun.explained that it would be crucial for the future of
‘the company that the Road Map was followed, despite the potential
difficulties involved’in securing an agreement from the Shareholder
Executive. Peter Corbett added that if approval failed and money was
not made available, the situation would change completely and require
reassessment:
Strategic Plan
Peter Corbett provided a.presentation on the Strategic Plan:
The EC noted the presentation, and the following areas were highlighted
during the discussion:
(i) _ the key parts of the plan were
e The restructure necessary for a commercial business
¢ The need to reduce infrastructure costs
e The need to hit income targets
(ii) by 17" August the Post Office Ltd Board would need to approve a draft
plan, for onward presentation to the Royal Mail Holdings Board on 6"
September. The timetable was deliberately short, and a need existed to
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(i)
(ii)
(iii)
(iv)
(v)
(vi)
Cash. Credits: The DWP will be sent a letter from Post Office Ltd
solicitors. regarding DWP’s withholding of Cash Credits at account
opening. The amount involved totalled £630,000, and légal action may
result to recover the monies;
Leaflets: A.letter had been sent to the DWP accusing them of issuing
libellous leaflets. Although some allegations that had been made were
true, others were not. The explanation that the training book had been
misinterpreted was unacceptable;
LINK: HBOS had again refused to negotiate, although dialogue may re-
open;.
ATMs: The target was for a September pilot followed by toll out in
October and PR activity would commence shortly;
NS&l: Sales had improved as a result of the recent campaign;
Instant Access: A proposition would be put forward to the EC at Direct
Reports on 18" July 2005, before going to the Royal Mail Holdings
board.
Human Resources
lan Anderson reported the following matters:
@
“dil
(ii)
ww)
w)
Sales Recognition: A list of those recognised for salés was circulated.to
the EC. i
Senior Managers Pay: David Mills had agreed Post Office Ltd’s &
preferred approach with Allan Leighton. Action: David Miller would: also
be consulted before this went ahead. trcenkives ,
Christmas Eve: Local initiatives Would be encouraged concerning how
to staff up during this period. Byron Roberts and lan Anderson would.,
re-engage with Andy. Furey shortly. &
EC Bonuses: A meeting had taken place with David Fish who indicated
he. was content for these to be linked to sales, but wanted the link to
additional products. The EC agreed that the proposition would be
fefined to include Instant Access, GEB (high earner), HomePhone®,
and 2 new launch products.
Death of Colleaque: The family of the colleague who had died in the
recent London Bombings was being provided with an appropriately high
level of support. The EC agreed that a director would attend the funeral
if this was in accordance with the family’s wishes. A donation of
£50,000 would. be recommended to the Charity set up to assist the
victims.
Any Other Business
None at this time.
Date of next Executive Committee meeting: 14" September 2005.
&
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services in the agency network;
e key product areas for agents comprised of : Mails 36%, Banking
19%, and Bill Payments 12% - totally 67% between them.
Action: David Miller would investigate whether instructions for the
sale of financial services products could be tailored to the number
of counters. positions at a Post Office. Consideration could be
given to targeting a certain number of branch ‘tranches’.
(ii) I BT Slamming Allegations: BT had provided 12 examples of letters of
complaint regarding slamming allegations for the HomePhone®
product. However, the complaints seemed rather marginal. The EC
agreed that further examples would be requested, and a briefing would
be provided for the Public Relations team.
Marketing and Direct Sales
Gordon Steele reported thé following matters:
(i) I Paystation: Centrica and Scottish & Southern had both expressed great
intérest in Paystation, but TFL remained opposed to the idea;
(ii) . HomePhone®: 130,000 people had now signed up. The product would
be made even more competitive by dropping the price of line rental;
(iii) Royal Mail Letters Board: The first meeting that Gordon Steele would
attend would take place in 2.weeks;
(iv) . . ISA: 1000 branches would: be.involved i ina pilot:for the Christmas
‘period;
ID.Card: Card: ‘A great.deal of lobbying-was taking place. to help-secure the
. ‘Credit: Card: Preparations-were underway for'the:launch ‘of the jéredit
card: Compliance’ had flagged up that they. would like to see the TV
advertising.run for:40:seconds: rather than.30:seconds to ensure all the
* necessary:small print was viewable-for enough time;
(vii) I POES Awayday: This had gone well: Agreed changes’ included:
© Opening up Post Office Ltd’s. Promotional calendar and product
development programme;
« More consultation generally;
e Governance changes — including fully empowering representatives
of Post Office Ltd at meetings involving key decisions.
(viii) I Suspensions: 2 members of staff had been suspended in Crispin
Beale’s team following a misconduct issue.
Operations Report
Ric Francis reported the following matter:
(i) — Retail-side Funding: A trial would take place concerning the retail-side
funding of a Post Office® branch. A dialogue has taken place with
North East Co-op who have asserted that they are already:doing this;
(ii) I Service Specification: Swansea;
(iii) I Dartford and Leeds Cash Centres: No industrial relations problems
were anticipated regarding these closures;
Banking & Financial Services
Kevin Seller reported the following matters on behalf of Graham Halliday.
1
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service;
(v) The Post Office Ltd Board would be presented with the costed options
on 17" October 2005.
The EC further agreed that David Mills would discuss the matter with Christina
McComb before any final decision regarding the future of the Fujitsu
relationship was made;
Corporate Social-Responsibility
lan Anderson circulated a paper on Corporate Social Responsibility to the EC.
Graham Halliday had taken a particular interest in this area after listening to
the position of the banks at the Princes Trust.
The EC agreed that they would each provide feedback on the. paper by 25"
July.2005.
Entering the Gift Voucher Market / ID Verification Contract with Veri-fy
“I The EC noted the papers.
Functional Reports
Finance
Peter Corbett reported the’ following matters
(i) I Mails Contract: Details of the cap and collar to protect against the
downside had not yet been provided. The outstanding issues, included:
¢ RPI Price Increases — information regarding where the efficiencies
should be targeted had not yet been provided;
e Local Collect Pricing;
« Local Products — Rate Card information.
(ii) ‘Safenet Costs: During the Mails contract negotiation, the Safenet costs
had been requested. The EC agreed that an equal and opposite
agreement would be sought with Royal Mail Group.
Sales and Service
_ I Dave Miller reported the following matters:-
(i) Financial Services Agents. Remuneration: A short Paper was circulated
and the following matters were brought to the. EC’s attention:
« income ffom financial services is material in’ 2009/10 (20%);
* agents pay for financial services was only 2.5% - 5% of total pay in
2009/10, and this was similar to other segments;
e Directly Managed Branch sales were the only material channel.
There did not appear to be enough traction for sales of financial
10
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Horizon Negotiation and IT Futures
Ric Francis introduced Dave. Smith to the Board who provide a presentation on
the Future of Horizon.
The EC noted that:
(i) Horizon needed to change’ because it was currently too expensive and
Network strategies required IT costs to be reduced by 30% by 2008;
(ii) Horizon would-deteriorate over time'with increased.costs and degraded
seivice. This could be offset by equipment replacement, which would
cost £40m -.£80m; .°
(iii) Horizon was currently. expensive, slow and could not support the
business ambition for change-and cost reduction;
(iv) the design made changes difficult and prohibitively expensive;
(v) current costs were projected to steadily increase from just under
£100m to-£145m by 2016. The business: plan would require a dramatic
__ fall in,costs by 2009 to around £70m;
(vi) Gartners had been engaged to benchmark the services that Fujitsu
currently provided. The components of the contract had been
decomposed, and the. conclusion was that a 30% cost reduction would
be achievable;
)) the requirements of the: business had, been discussed with Fujitsu, and
although they had.offered a £12m reduction, it.had.failed to satisfy
either-the business plan requirements or the more stringent ‘strive’
requirement set by Ric:Francis. The ‘initial outlay would also be more
expensive;
(viii) Given the failure of the offer to contribute to the decreasing cost base
and the insufficient variability, an alternative way forward could be
offered:
¢ Disaggregation of Network (133m
e Field Engineering (£109m)
¢ Branch .equipment.costs (£36m)
(ix) This had to be considered against'the costs for early termination of the
contract which would initially be steep (£78m in 2007).
(x) Costs could therefore be reduced by a combination of further
disegregatation, a cost reduction against the performance of the client,
* network segmentation, simplifying product processes, and PFI style
contracts. However, each of these options would result in increased
business risk. -
The EC agreed that:
(i) an increase in Business Risk was acceptable, but only if it was properly
planned and managed by Post Office Ltd (rather than Royal Mail
. Group);
(ii) the proposal would potentially provide a long term solution;
(iii) I EC approval would be required for each proposal for change that
carried with it an increased risk, This would be especially true for
banking;
(iv) I a good communication plan would be required to explain any changes
to subpostmasters; who may perceive it as mere-deterioration of
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The EC agreed the following actions:
(i) Action: Peter Corbett wouild discuss the incremental marketing
spend with Allan Leighton. “:
(ii) Action: Peter Corbett would circulate the plan to all EC members
for comment, and then forward to Mike Hodgkinson and Allan
Leighton.
(iii) I Action: Peter Corbett would write to Christina McComb to inform
her that the strategic plan was proceeding on the assumption that
the Social Network Payment would cease after 2008 because of
the likely difficulties securing approval at the European level.
(iv) Action: Peter Corbett would investigate the percentage of the
population that would remain within a reasonable distance to a
Post Office given the potential reduction in network size.
(v) Action: Gordon Steele would inform Peter Corbett of the
additional information he required to help firm up his: planning
- assumptions
(vi) Action: David Miller and Byron Roberts would consider the most
effective means to communicate the changes to the Directly
Managed Branches. In particular, the risk existed that the Social
Network Payment could be fragmented (eg: between the Regional
Assemblies or DEFRA).
Solvency
Peter Corbett circulated a presentation and highlighted the following
information.
iv
Sask.
(i) profit and cashflow continued to be in line with budget;
(ii) the ‘Route Map Process’ proceeded in line. with the agreed timetable
subject to the concerns expressed regarding changes to key
Shareholder Executive contacts.
(iii) profit and cash performance were on track, and were not currently a
matter for concern;
(iv) should any communication be received from Government indicating. a
deviation from the ‘route map process’, and Executive Committee
would be informed immediately and a Board meeting may need to be:
convened at short notice.
Presentation to the Shareholder Executive
Peter Corbett circulated the draft Shareholder Executive presentation to the
EC.
The EC noted that:
(i) the shareholder Executive communication ‘was essentially a shortened
version of the Strategic Plan;
(ii) the intention. would be to. essentially provide an update on the current
position. :
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move from planning to execution very quickly. Historically, the business
had not been good at this. For example, Network Reinvention had
taken 3 years of planning, and 2 years of execution;
(iii) the Route Map Process was. key. By 30" September, the business
would have to deliver a business case. The fall back position would be
driven by the statutory accounts for the following year;
(iv). .the assumptions regarding the income target included staff being
reduced and the number of agents increased, in addition to a
restructuring of agents’ pay. Cash distribution would be determined by:
the requirements of the agents; -
(v) the total transformation costs amounted to £1.5billion, although Royal
Mail Holdings had indicated a view that some of the costs would either
e fall in other areas;
© be self-funding;
¢ be phased in. -
(vi) although all this money would not be required up front, a borrowing
facility would be required. There would be a potentially very significant
impact on headcount;
(vii) Peter Corbett explained that the working capital requirement could be
reduced ‘by reductions. in:
network cash;
« outsourcing cash contribution;
sustaining creditor balances (rather than debtor balances) —
‘although :this-would be very challenging given these were’ mainly
with Alliance & Leicester;
(viii) the return on shareholders funds was estimated at 12% on £1.5billion
gross and 30% on £0.6billion net. Alterriative sources of funding
included Debt/Equity injection, asset sales, network cash, and
sustainability of creditor balances;
(ix) __ in order to ‘realise the value of FRTS, a long term contract may be
required. However, although asset.sales would help, they would not ih
themselves provide a solution;
(x) the key deliverables of the plan would be. to
e ‘reduce network size;
take support costs out pro-rata;
restructure agents contracts;
grow/sustain income;
funding;
people;
stakeholder management.
(xi) a network size beyond 7000-8000 could only be supported if the full ”
amount was paid for the branch and the required support. This could
not be provided on a marginal basis. Rural offices could only be run on.
a fully costed basis;
(xii) I The potential size of the network would be of key importance in
determining the future shape of Fujitsu contract;
(xiii) I 22% of Post Office Ltd’s income was derived from mails business, but
much of this was low value. Gordon Steele commented that growing
the mails business way not necessarily in Post Office Ltd’s interest,
although it may be in RMG's best interest;
(xiv) It would be important for a stakeholder management plan to be
produced soon. What was communicated to the Shareholder Executive
was of great importance.