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Alice Perkins CB
Chairman
Post Office Ltd
148 Old Street
Londan.£C1\/.qu0,
Norman Lamb MP
Minister for Employment Relations,
Consumer and Postal Affairs
Department for Business innovation & Skills
1 Victoria Street
London
SW1H OET 3" May 2012
dear Nuwacter,
Chief Executive's Remuneration
As you well know, the Post Office is now Tunning as a separate business from Royal
Mail with Paula Vennells as its Chief Executive.
! fully appreciate that the issue of remunera
the Government. But I do feel it i
to your attention although, at thi
tion continues to be a very difficult one for
IS necessary to draw the issue of Paula's remuneration
Is stage, I am not asking for any action on it.
because she was involved in very difficult negotiations wi
the time, about the future commercial arrangements between the two businesses,
here almost as long as I have) are very pleased th
believe she is well Placed to lead the Post Office t!
We are, however, both very struck by the level of
f her salary given the complexity and
scale of the business and
the challenge of our change agenda.
www.postoffice.co.uk
Post Office Ltd is registered in England and Wales. Registered No, 2154540. Regis
1. ‘egistered Office 148
Post Office and the Post Office logo are reais trade marks of Post Office Ltd SENG OES tea Landon, EA Sg
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Alice Perkins CB
Chairman
Post Office Ltd
148 Old Street
London EC1V 9H
Tel: €
The position is significantly worse now she is the CEO. Early indications suggest that
her salary is Toughly half the median salary of people who she would view as her
peers, as is her total remuneration package including her likely bonus and LTIP.
In the meantime, I simply want to draw this to your attention because I thought it
would be helpful for you to have advance warning of this issue and because it would
seem odd not to raise it at the point of our separation from Royal Mail.