Expert Corporate Governance Service (ECGS)
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Etude l' AG du 20/07/2017

Item 2: Approve the Remuneration Report. Although the quantum is considered acceptable.  The structure of the executive remuneration is unacceptable given the discretion of the committee over the bonus, the maximum bonus, the lack of long-term orientation and excessive pension contributions. In addition, vesting of LTI at threshold performance is 50% (in breach with market practices) and there is a lack of disclosure of targets used under the LTIP and the annual bonus.
Item 5: Re-elect the Chairman. His potential aggregate time commitments exceed ECGS guidelines as he serves as Chairman of three listed companies. It is especially important for the Chairman to have sufficient time to dedicate to the Board.

Royal Mail

Royal Mail is a delivery company. Co. delivers letters and parcels across the U.K. Co.'s operations and networks comprised of: UK Parcels, International & Letters (UKPIL) and General Logistics Systems (GLS). UKPIL comprises Co.'s main U.K. and international parcels and letters delivery businesses under the Royal Mail and Parcelforce Worldwide brands. It supports the provision of services for the collection, sorting and delivery of parcels and letters by Co. GLS is Co.'s European parcels business. It operates parcel delivery networks in Europe. The GLS network covers 41 European countries and nation states through a combination of wholly-owned companies and partner companies.


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