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Royal Mail: Pay

Volume 502: debated on Monday 7 December 2009

To ask the Minister of State, Department for Business, Innovation and Skills what mechanisms are in place for the Shareholder Executive to review the remuneration and benefits package of the Chief Executive of Royal Mail. (304694)

Royal Mail’s Remuneration Committee is responsible for the remuneration of the company’s Executive Board members. As special shareholder, the Secretary of State’s consent is required for any material changes to the Directors’ remuneration. His approval is also required for the framework for short and long term bonuses but the final decision on bonus payments rests with the Committee. Details of the Directors’ remuneration are set out annually in the company’s Report and Accounts.