How will she manage on just £1.2 million a year??
LONDON — The remuneration committee of Britain’s newly privatised postal firm Royal Mail ruled out a pay rise for chief executive Moya Greene on Tuesday, avoiding a potential run-in with its largest investor, the British government.
Royal Mail, at the centre of a political storm after critics claimed Britain’s October sale of a 60 percent stake in the firm short-changed the taxpayer, said the committee had taken into account Greene’s wishes in its decision not to propose a base pay increase or new incentive arrangements.
The absence of a pay hike for Greene, who was paid a total of 1.22 million pounds in 2012-13, removes any potential for conflict over remuneration with the government, which still holds a 30 percent stake in the firm, and has taken a tough stance on rising executive pay.
Read more: Royal Mail Says No Pay Rise for CEO Moya Greene – NYTimes.com.
A vicious dog savaged a postman’s hand in a horrific attack as he was delivering a letter to a home in Coventry.
The victim, who needed an overnight stay in hospital, suffered permanent nerve damage and needed reconstructive surgery.
The terrifying attack happened in Proffitt Avenue, Bell Green, as the postman was putting mail through the letter box.
Read more: Postman left with nerve damage after Bell Green dog attack – Coventry Telegraph.
Ed Miliband has accused David Cameron of having double standards after the government handed a “golden ticket” to hedge funds to make millions of pounds out of the privatisation of Royal Mail while imposing restrictions on postal workers.
The Labour leader highlighted the contrast between the lucky “priority investors” – six of whom sold their Royal Mail shares at a quick profit – and postal workers, who are not allowed to sell their shares.
The Bureau of Investigative Journalism reported on Monday that one of the investors was the Landsdowne hedge fund, whose co-head of development strategy, Peter Davies, was George Osborne’s best man.
Read more: Miliband attacks PM over hedge funds that made millions from Royal Mail | UK news | theguardian.com.
The Royal Mail flotation scandal has deepened after officials finally admitted that hedge funds were among the “priority investors” sold hundreds of millions of pounds of shares.
The Business Secretary, Vince Cable, has repeatedly insisted that the handful of key investors offered Royal Mail shares on preferential terms were long-term institutional investors. This was to ensure the new company started with “a core of high-quality investors” who “would be there in good times and bad”. He promised to marginalise “spivs and speculators”.
But sources in the Department for Business have confirmed to The Independent that around 20 per cent of the shares it had allocated to 16 preferred investors had gone to hedge funds and other short-term investors.
Read more: Royal Mail float scandal: how hedge funds cleaned up – Business News – Business – The Independent.
Vince Cable has continued to rebut claims that the government significantly undervalued Royal Mail, costing taxpayers £750m on the day of the postal service was privatised in October.
During questioning by MPs on Tuesday, the business secretary said he offered “absolutely no apology” for the pricing of the shares at 330p, despite their immediate 38% jump in value. Cable had dismissed the initial jump to 455p as “froth and speculation”. The shares, which continued to rise as high as 615p, closed up 10p at 521.5p on Tuesday
Read more: Vince Cable rebuts claim government massively undervalued Royal Mail | UK news | The Guardian.