Royal Mail was privatised in 2013 for 330p a share, a price that was fiercely criticised at the time for being too low AlamyRoyal Mail has parted ways with the non-executive director at the heart of last year’s shareholder rebellion over boardroom pay. Orna Ni-Chionna, its senior independent director, will stand down at the annual general meeting in July after nine years at the postal service. The former McKinsey consultant headed the remuneration committee at Royal Mail, which suffered one of the largest pay revolts on record last summer. Shareholders took aim at a near-£1 million “golden goodbye” for Dame Moya Greene, 64, its former chief executive, and a one-off payment of £5.8 million for her successor, Rico Black, 65. About 71 per cent of investors rejected Royal Mail’s pay report, with 15 per cent voting to remove Ms Ni-Chionna, 63, from the board.

Source: The Times May 30, 2019 23:09 UTC