Media Statement - clarification to Annual Report & Accounts 2021-22

Nick Read, Chief Executive of Post Office, said:

“I have made a personal decision to return voluntarily the full bonus payment attributed to the overall Inquiry metric in the 2021/22 Annual Report and Accounts. While neither the Simmons and Simmons report, nor the Amanda Burton report, found any basis to support suggestions of impropriety and both stated that there was a justifiable basis to make the award, I hope this action will allow Post Office to redouble its focus on fully addressing the wrongs of the past and serving today’s Postmasters.

“I would like to reiterate Post Office’s sincere apology for the procedural and governance mistakes made. The shareholder has also stated that it accepts the finding of the Simmons and Simmons report, including significant measures to improve governance further. The Board, led by the new Chairman Henry Staunton, is focused on implementing the recommendations.” ENDS

Notes to Editors

The Simmons and Simmons report found no basis to support any suggestion of impropriety, and Post Office has already accepted all of its recommendations. The Simmons and Simmons Report, and Amanda Burton’s Report, both found that there was a justifiable basis for the payment of a bonus.

Nick Read has already repaid voluntarily the bonus associated with the sub-metric in the Transformation Incentive Scheme where the wording on support to the Inquiry was inappropriate. Three other sub-metrics are grouped in the 2021/22 Annual Report and Accounts under a heading of the Inquiry. These three sub-metrics are business wide associated with culture change, operational processes and validation of the Horizon and Common Issues judgment.

This decision by Nick Read to return voluntarily additional payments commensurate with the three other sub-metrics that were grouped under the heading of “The Inquiry” is a personal one as Chief Executive, and does not reflect any expectation on behalf of other current senior Post Office staff who have all voluntarily repaid money associated with one sub-metric focused on specific support to the Horizon IT Inquiry.

The circumstances that led to this particular award are unique relating to a one-off Transformation Incentive and a reflection of the change in the previously non-statutory nature of Sir Wyn's Inquiry.

The Board of Post Office has also confirmed that there will be no future bonuses paid linked to the Inquiry, including in the 2022/23 scheme.