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I I OFFICIAL - SENSITIVE - COMMERCIAL
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Note of meeting with Tim Parker on 26" January 2016 at 9:30 am
Present:
Baroness Neville-Rolfe — Minister fortntellectual PrepertyPost Office Minister
Tim Parker — Chairman of Post Office Limited
Laura Thompson — Assistant Director, Shex
Andrew Smith — Private Secretary
Main points:
¢ TP updated BNR on his views of the business after 4 months in post. Current main issue is
the Royal Mail contract, which runs until 2022 but is open for renegotiation in the next
couple of years, Concernsthatthey Royal Mail may look to disintermediate the Post Office,
but there may also be benefits to Post Office in removing the exclusivity with Royal Mail.
e Inthe medium term the parcels market offers a good opportunity to be a convenient drop
off point for parcels. However need to bottom out relationship with Royal Mail first.
e FhePost Office’s relationship with Sub postmasters is key — currently assessing how many
can operate as standalone businesses and the sustainability of the Crown branch network
e@ The new banking contract and the ability to pay bills at post office branches is good and
generates footfall. However the cost of transferring-the cash supply chain needs to reduce
© Going forwardin the longer term, Post Office Limited showld-could refocus to be a small
“buying unit” that conducts contract negotiations on behalf of Sub postmasters, although TP
stressed that any such plans were still at a very early stage.
e TP thought the new non execs are a good addition to the board and the new Chief Financial
Director Officer was also good quality.
e BNR raised the recent accounting isswe-restatement as the numbers seemed quite big. TP
reassured her that it was a provisioning item and would not affect overall figures. The
revised accounts were due to go out on Friday 29/1.
¢ TP updated on the HORIZON investigation. He said that the QC was about to report. He had
found no systemic problem. TP thought the issue might have passed it peak interest.
¢ Finally TP updated the Minister on IT and what is being done to reduce costs.
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Callard Richard (ShEx), 28/01/2016 10:48 AM
Callard Richard (ShEx), 28/01/2016 10:51 AM
Thompson Laura (ShEx),
Thompson Laura (ShEx),
Thompson Laura (ShEx),
Thompson Laura (ShEx),
Thompson Laura (ShEx),
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Thompson Laura (ShEx),
Thompson Laura (ShEx),
Thompson Laura (ShEx),
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Thompson Laura (ShEx),
Thompson Laura (ShEx),
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Thompson Laura (ShEx),
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