POL00125814
POL00125814
Post Office Limited — Strictly Confidential
POLB 16(1*)
POLB 16/1 - 16/12
POST OFFICE LIMITED
(Company no. 2154540)
(the ‘Company’)
Minutes of a Board meeting held at 12.00 noon on 22 January 2016
at 20 Finsbury Street, London EC2Y 9AQ
Present:
Tim Parker Chairman
Richard Callard Non-Executive Director
Alisdair Cameron Chief Financial Officer
Tim Franklin Non-Executive Director
Virginia Holmes Non-Executive Director
Ken McCall Senior Independent Director
Carla Stent Non-Executive Director
Paula Vennells Chief Executive
In Attendance:
Alwen Lyons Company Secretary
Dave Carter Group Financial Controller (Minute 16/7)
Martin Edwards Head of Strategy and Corporate Planning Director (Minute 16/3,
16/4and 16/7)
Mark Ellis Supply Chain Director (Minute 16/3)
Martin George Commercial Director (Minute 16/4)
Justin Zatouroff KPMG
POLB 16/1 INTRODUCTION
(a) A quorum being present, the Chairman opened the meeting.
POLB 16/2 CEO REPORT AND TRANSFORMATION UPDATE
CEO Report
(a) The CEO introduced her report and focused on the following key
areas:
Having taken all of the discussion issues into account, the Board
noted the CEO’s report.
Transformation Update
The CEO introduced the Transformation Update
The Board noted the Transformation Update.
POLB 16/3 IRIS
(a) The Chairman welcomed Mark Ellis, Supply Chain Director, and
POL Board minutes, 22 January 2016 1 DRAFT v1
POL00125814
POL00125814
Post Office Limited — Strictly Confidential
Martin Edwards, Head of Strategy and Corporate Planning
Director, to the meeting.
(b) Mark Ellis summarised the findings of Project Iris
Mark Ellis left the meeting.
POLB 16/4 MAILS STRATEGY UPDATE
(a) The Chairman welcomed Martin George, Commercial Director, to
the meeting.
(b) Martin Edwards introduced the Mails Strategy Update and outlined
the strategic choices open to the Post Office.
Having taken all of the discussion issues into account, the Board
noted the Mails Strategy Update.
Martin George and Martin Edwards left the meeting.
POLB 16/5 MINUTES OF PREVIOUS BOARD AND COMMITTESS/STATUS
REPORT
(a) Minutes
The minutes of the meeting of the Board held on 25 November
2015 were approved as accurate records and the Chairman was
authorised to sign them.
(b) Status Report
POLB 15/112 (e): The Board noted the Trade Union update paper.
POLB 15/107 (d): The Board noted the Economics of the ATM
Business paper.
The Status Report, showing matters outstanding from previous
Board meetings, was noted.
POLB 16/6 FINANCIAL REPORT — PERIOD 9
(a) Al Cameron introduced the Financial Report for Period 9 focussing
on the following key points.
Having taken all of the discussion issues into account, the Board
noted the Financial Report for Period 9.
POLB 16/7 INITIAL DISCUSSIONS ON THE 2016/17 BUDGET AND OUTLOOK
FOR THE 3 YEAR PLAN
POL Board minutes, 22 January 2016 2 DRAFT v1
POLB 16/8
POLB 16/9
POLB 16/10
POLB 16/11
POL00125814
POL00125814
Post Office Limited — Strictly Confidential
(a) The Chairman welcomed back Martin Edwards and welcomed
Dave Carter, Group Financial Controller, to the meeting.
(b) Martin Edwards introduced the review focusing on the following
key points
Having reviewed the proposed budget and three year plan, the
Board noted the cost challenge.
Dave Carter and Martin Edwards left the meeting.
TRINITY
(a) Al Cameron introduced the Project Trinity Update
Having highlighted all the issues that they wished to be addressed
prior to a final recommendation being brought to the Board in
February, the Board noted the update.
ANY OTHER BUSINESS
(a)
(b)
Delegated Authorities
Having taken all of the discussion issues into account, the Board
approved the new delegated authorities.
Back Office
Al Cameron introduced the Back Office project paper.
Having taken all of the discussion issues into account, the Board
noted the Back Office project paper.
ITEMS FOR NOTING
Sealings
(a) The Board noted the Report on Sealings and resolved that the
affixing of the Common Seal of the Company to the documents set
out against items numbered 1366 to 1378 inclusive in the seal
register was hereby confirmed.
Prosecutions Policy
(b) Jane MacLeod introduced the new Prosecutions Policy Proposal
focussing on the following key points.
Having taken all of the discussion issues into account, the Board
noted the new Prosecutions Policy.
CLOSE
POL Board minutes, 22 January 2016 3 DRAFT v1
POL00125814
POL00125814
Post Office Limited — Strictly Confidential
(a) There being no further business, the Chairman declared the
meeting close.
POLB 16/12 DATE OF THE NEXT MEETING
(a) It was noted that the next meeting of the Board would be on 21
March 2016.
ching paige
POL Board minutes, 22 January 2016 4 DRAFT v1