ROYAL MAIL SHAREHOLDER AGM – 23rd JULY 2015

ROYAL MAIL SHAREHOLDER AGM – 23rd JULY 2015 

CWU members who are shareholders in Royal Mail will have recently received a letter from Equiniti which is the trustee of the employee share scheme about the AGM taking place in Cardiff on 23rd July.

 

As set out in the letter, as a shareholder you have a right to vote on the resolutions being put to the AGM and you can do this by instructing Equiniti to vote on your behalf or by attending the AGM in person.

 

There are a number of technical resolutions about powers the board can exercise and more information is provided on these at http://www.royalmailgroup.com/sites/default/files/RM_Notice_AGM.PDF.

 

We will not be making recommendations on all of these, but there are two resolutions we believe will be of particular interest to members:

 

– Resolution 2. The board is seeking approval of directors’ remuneration for last year, details of which are in its annual report. In total, the three executive directors in the company earned a combined £3.6m last year. We do not believe the disparity between this level of pay and that of frontline employees is acceptable and would therefore recommend that members vote against this resolution.

 

– Resolution 15. The board is asking for authority to make political donations. While we would be opposed to Royal Mail funding political parties, the online guidance states that it has no intention of doing so and that the authority is necessary to cover broader political expenditure, including things like paid leave for employees fulfilling public duties. On this basis we are not opposed to this resolution.

 

 

 

 

 

 

We will be asking a number of local representatives to attend the AGM to put questions to the board and a report on the meeting will be provided subsequently.

 

As branches are also aware, the union is seeking to create a CWU Trust which would enable members to have a collective voice in the way that the company is run. Discussions on this issue are ongoing with Royal Mail and the government and the establishment of a union led trust is one of the central issues we are now campaigning on as part of the People’s Post campaign.

 

Any queries about the contents of this LTB should be addressed to the DGS (P) Department quoting reference LTB 476/15.

 

Yours sincerely,

 

 

 

 

 

 

Ray Ellis​Dave Ward ​​

A/Deputy General Secretary​General Secretary

 

 
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