Strictly Confidential
Post Office Limited Board
Status Report as at:
POL00103308
POL00103308
02/08/2017
REFERENC
31 January 2017
POLB 17/11 (d)
Board Effectiveness Review
Reconsider the proposal for an independent advisor to
the Board after the IT strategy presentation at the July
Board meeting.
Ken McCall
October 2017
Board
(Open
28 March 2017
POLB 17/25 (9)
FS Growth - Falcon
IA number of Fintech providers were being considered
land due diligence was being completed. NK would return
to the Board with a concept for consideration in July
2017.
Nick Kennett
July 2017 Board
Action closed - the Falcon paper was addressed at
June Board Strategy Day.
Closed
28 March 2017
POLB 17/25 (j)
FS Growth - POMS
As part of the long term financial services strategy, a
potential future move into underwriting activities would
be brought to the Board for further discussion at the
appropriate time.
Nick Kennett
September
2017 Board
On-going longer term action.
Open
25 May 2017
POLB 17/36 (d)
ICEO Report - Identity Services
The CEO explained the enhanced Verify product which
would be launched in June and was likely to include a
digital driving licence product. The new product would
be helpful for vehicle rental companies and Ken McCall
loffered advice in accessing this market. Post Office as
ithe Verify market leader had been chosen to launch this
new service in advance of other suppliers and this would
help cement the position in the market.
Martin Edwards / Ken
McCall
September
2017 Board
[Action originally assigned to Kevin Gilliland but this
falls within Martin Edward's remit and has been
reassigned accordingly.
Open
25 May 2017
POLB 17/36 (h)
CEO Report - Industrial Relations
IThe CEO reported that the Company was still in dispute
with the CWU and UNITE unions although the UNITE
dispute was closer to resolution, The Board discussed
the reduction in number of CWU reps paid for by the
Business which had reduced from nineteen to six. The
Board challenged the practice of paying for any union
reps and asked the CEO to check why the union were
not paying for their reps.
Martin Kirke
September
2017 Board
Union reps have the statutory right to time off with
pay to carry out union duties (section 168 TULRCA).
The amount of paid time off must be "reasonable in
all the circumstances”, We are ceasing full-time paid
release for 16 CWU IR reps. The current number of
hours for FT paid release will reduce from 35,580 to
'5,450hrs pa.
Closed
POL00103308
POL00103308
25 May 2017
POLB 17/39 (\)
Chief Executive Retail Performance Report
The Board asked the Executive to consider an adequate
sample of large branches measuring queue times to give
more rigour to measurement of initiatives.
September
2017 Board
Open
25 May 2017
POLB 17/40 (e)
(fy
Mails Strategy Update
IThe Board asked KG and MS to continue to develop the
next best alternative work in parallel with an emphasis
lon the technical integration, and to return to the Board
with a view on how quickly they could be implemented if
the negotiation do not deliver what is needed. The Board
jasked the CEO to ensure she had the strongest
negotiation team possible.
Kevin Gilliland / Mark
Siviter
September
2017 Board
Open
25 July 2017
POLB 17/52 (c)
Funding Update - The ARA
The CFOO explained that once the detail of the funding
was known a cash flow forecast would be produced to
prove sustainability, at which point the Annual Report
and Accounts (ARA) could be finalised with the External
Auditors including a subsequent events review. If a
letter was received before the summer recess the ARA
could be presented at an ARC in September, although an
additional meeting might be needed.
Company Secretary
September
2017 ARC
(Open
25 July 2017
POLB 17/54 (b)
Board Status Report
IThe Board asked the Company Secretary to ensure that
[Identity Services and IT Strategy were included on the
September agenda.
Company Secretary
September
2017 Board
Open
25 July 2017
POLB 17/54 (d)
Board Status Report
The Board noted the paper on Health and Safety
Directors’ duties and recognised that the paper covered
the duties to employees
ithe Board asked for a separate paper setting out any
Directors’ duties which apply to agents.
Jane MacLeod,
General Counsel
September
2017 Board
Open
POL00103308
POL00103308
25 July 2017
POLB 17/56 (f)
Financial Report - Agent's Debt
[The CEO explained that the decision not to prosecute
agents if they could use the Horizon system as a
defence would be reconsidered once Deloitte had
completed their work on Horizon and could be used in
court as an expert witness.
IThe Board asked that the lessons learned on agent’s
losses, including recruitment processes, be presented at
the ARC.
Al Cameron, CFOO
September
2017 ARC
25 July 2017
POLB 17/58 (e)
Peregrine Update
NK was expecting a proposal from Bol in early
September, which if it was good enough, would be
discussed at the September Board, when NK would
return with the options for 2023.
Nick Kennett
September
2017 Board
Open
25 July 2017
POLB 17/61 (d)
Post Office Card Account - LIBOR Interest Rate SWAP
[The Board discussed the LIBOR position and the
consideration being given to a 3 year interest rate
ISWAP. RC was unsure how the Shareholder would
respond to the proposed SWAP. The CFOO reminded
the Board that the Business already uses hedging for
FOREX and fuel, and that there was no governance
requirement to obtain Shareholder approval.
The CFOO stressed that no decision on the use of
SWAPs would be taken without approval by the ARC,
land offered to take the Shareholder through the
rationale if it would be helpful.
Al Cameron, CFOO
September
2017 Board
Open