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Analysis of Post Office Executives’ Pay During Horizon System Errors

Introduction

By Ben King Business reporter, BBC News
Date: 7 April 2024, 02:16 BST

Investigation on Post Office Executive Pay

The flawed Horizon system at the Post Office has raised questions about the compensation received by its top executives. The BBC, after examining company accounts of the Post Office and Royal Mail, found that these executives were paid a total of £19.4m over 24 years while the Horizon system was in place.

Details on Executive Pay

Before 2012, the combined Post Office and Royal Mail chief executives – John Roberts, Adam Crozier, and Dame Moya Greene – earned a cumulative £12.8m. These executives are set to appear at the Horizon Inquiry soon. After 2012, the separated Post Office chief executives – Paula Vennells and Nick Read – garnered a total of £6.5m, averaging less than £1m annually.
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Nick Read’s Compensation

Nick Read, the current Post Office chief executive, took over in 2019 with a higher base salary compared to his predecessor, Paula Vennells. Despite earning bonuses falling below expectations due to external factors like the pandemic and the Horizon Inquiry, Read’s total compensation came marginally lower than Vennells.

Paula Vennells’ Earnings

During her tenure as Post Office chief executive from 2010 to 2019, Paula Vennells accrued £5.1m in earnings. Her compensation included a mix of base salary, bonuses, pensions, and other benefits. Vennells expressed regret over the hardships faced by sub-postmasters and pledged cooperation with the Inquiry.

Royal Mail’s Previous Executives

Adam Crozier, the chief executive of Royal Mail from 2003 to 2010, garnered significant attention for his high salary. His total compensation during his Royal Mail stint amounted to £9.7m. Moya Greene, David Smith, Alan Cook, and David Mills also played pivotal roles in overseeing the Post Office, each contributing uniquely to its operations.

Implications and Moving Forward

The Horizon system errors have shed light on the compensation practices of top executives at the Post Office. Understanding these figures can help stakeholders assess accountability and transparency within the organization. As the Horizon Inquiry progresses, a deeper dive into executive pay and responsibilities is essential for a fair and just resolution.

Call to Action

Individuals impacted by the issues highlighted in this report are encouraged to share their experiences with the BBC. The exchange of information and perspectives can contribute to a more informed dialogue surrounding executive compensation and corporate accountability.

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