Statement in response to Department for Business and Trade review Review of the Governance Relevant to Post Office Limited’s Senior Executive Remuneration

Post Office welcomes the comprehensive report into the governance of senior executive remuneration. We regret the circumstances that led to the need for this report and have already put in place significant steps to improve governance further. We reiterate the sincere apology we have made to all those affected.

Henry Staunton, the new Chairman of Post Office Limited, said:

“I am writing to the Board today to recommend that Post Office approves all of the recommendations in the report and that Post Office incorporates their implementation into further improvements we are making to our governance structures, processes and systems in relation to remuneration. This will be led by Amanda Burton, the new Chair of the Remuneration Committee.

“I want to reiterate the apology we made when the error in the Annual Report & Accounts for 2021/2022 first came to light.”

We will update on our progress implementing the recommendations at the release of our 2022/23 Annual Report and Accounts.

To ensure the timely and effective implementation of further improvements to our remuneration governance and structures, a new Chief People Officer will be appointed shortly.

ENDS

The review can be found at this link - A review of the governance relevant to Post Office Limited’s Senior Executive Remuneration - GOV.UK (www.gov.uk)