Yahoo Finance Post Office: MPs seek report on chief’s alleged £1m pay demands
MPs have urgently asked to see a Post Office whistleblower report after claims emerged that chief executive Nick Read demanded a £1m pay package.
The Sunday Times reported that the organisation’s boss threatened to resign multiple times and wanted to be paid more than £1m for his role heading up the Post Office.
Read reportedly said he was “prepared to make a drama”, according to meeting minutes seen by The Sunday Times, and warned he could claim a “formal grievance” or “constructive dismissal”.
Post Office minister Kevin Hollinrake confirmed to MPs last week that chairman Henry Staunton had twice sought or lobbied for a pay rise for Read, which saw him aim to “double” his overall package.
Business and trade committee chairman Liam Byrne today demanded to see the whistleblower report outlining the claims.
Byrne said the allegations in The Sunday Times report are “very serious” after Read denied to MPs that he had ever tried to resign. Read was paid £573,000 in 2022-23, which included a £137,000 bonus.
Byrne said today that MPs would be “insisting on some straight answers”.
He continued: “It’s clear… we need an independent body delivering redress for sub-postmasters. And we need it now.
“I’m extremely concerned about the potential contradiction in evidence given under oath… I shall seek to raise this in Parliament on Monday.”
Ben Tidswell, senior independent director on the Post Office Board, said: “Like many of you, I know that Nick Read has at times felt the weight of Post Office’s awful history on his shoulders.
!It is no surprise, and is entirely appropriate, that he will have discussed this, in confidence, with the former chairman.
“However, to my knowledge he has never tendered his resignation and he continues to accept leadership responsibility for the challenges that we are all working on each day.”
A spokesperson for the Post Office said “Nick Read was rated as exceptional by both Tim Parker and Henry Staunton.
“Post Office uses external consultants to advise and benchmark its pay policies, and the CEO pay ratio is 17:1, compared to the median UK CEO pay ratio of 40:1.”
A government spokesperson said: “Last year the Post Office received allegations about the conduct of Nick Read and Henry Staunton.
“While Mr Read is cooperating with the investigation, the Secretary of State was informed that Mr Staunton was blocking the investigation into his conduct.
“It is right to wait for this investigation to conclude before making any further judgement.”
