RESPONSE TO SIR WYN WILLIAMS STATEMENT RE CLARIFICATION TO POST OFFICE LIMITED ANNUAL REPORT & ACCOUNTS 2021-22

In response to the statement issued by Sir Wyn Williams regarding Post Office Limited Annual Report and Accounts 2021-22 a Post Office spokesperson said:

“Post Office apologises unreservedly for an inappropriate sub-metric related to the Horizon IT Inquiry, which formed part of the wider remuneration scheme for the transformation of the business in 2021-22. We have apologised to Sir Wyn Williams for the implication in Post Office’s Annual Report and Accounts for 2021-22 that the remuneration sub-metric, and its achievement, were agreed with him and the Inquiry. Chief Executive, Nick Read, has already chosen to return the remuneration associated with this sub-metric. The Post Office Board is considering the position in respect of other senior leadership beneficiaries of this remuneration metric.”

Notes to editors:

The Remuneration Outcomes are on page 38 of the Annual Report and Consolidated Financial Statements 2021/22 signed-pol-ara-2022.pdf (postoffice.co.uk).

The Transformation Incentive Scheme included a specific sub-metric entitled Inquiry Support, one of 19 sub-metrics which are set out on pages 38 to 41 of the Annual Report.

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