Post Office: Executive Remuneration

Baroness Brinton Excerpts

Tuesday 27th February 2024 Lords Chamber

[The Lord Speaker (Lord McFall of Alcluith)]

My Lords, the noble Baroness, Lady Brinton, is participating remotely.

[Baroness Brinton (LD) [V]]

My Lords, the Minister’s Answer just now was very interesting, given that the Post Office Limited: Shareholder Relationship Framework Document says at paragraph 7.6 that

“the remuneration of all Board members will require approval by the Shareholder”,

and remuneration that exceeds the threshold must also be approved by the Chief Secretary to the Treasury. Can the Minister say what bonuses were approved after 2015? Have any additional approvals been required by the Chief Secretary to the Treasury since 2015? If the Minister does not have this information, I would be grateful if he wrote to me with it.

[Lord Johnson of Lainston (Con)]

Again, I am very grateful for this challenge; it is a very important discussion to have. The Government are responsible for setting remuneration for the board, while the bonuses that I think the noble Lord, Lord Sikka, was referring to relate to the Post Office executives, so we should separate the two. Both still need to be investigated—absolutely. I do not have the specific answer to the question relating to the Chief Secretary to the Treasury, but I will be delighted to write to the noble Baroness.