Guernsey Post’s top people earn £150,000
Tuesday 24th August 2010, 2:29PM BST.
GUERNSEY POST moved yesterday to try to clarify top salaries within the organisation.
It said that the £800,000 paid to the executive team was shared between five non-executives and five executives, not three as indicated in its annual accounts.
‘I think the confusion has arisen because Steve [Rains, HR] and David [Blake, commercial] are not part of the GPL board. They are, however, accounted for as part of the executive team,’ said a spokesman.
This indicates that the salaries are less than the £210,000 reached by an analysis of available figures and published here yesterday, but the spokesman did not say what the actual figures are.
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Are any of these individuals local?if not why not? I believe there are enough intelligent ,educated,shrewed,retired or semi-retired local businessmen more than capable of running this outfit and probably for less than half of these salaries.
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The Guernsey Post explantion that “£800,000 paid to the executive team was shared between five non-executives and five executives, not three as indicated in its annual accounts” raises four important issues:
1 What other mistakes are contained in the accounts
2 Can the annual accounts be trusted as a fair record, and
3 Where were the auditors when these basic errors were made and accounts approved?
4 Have the non executive directors apologised for their failure to spot the error?
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Well considering the “confusion” by the Head of HR and the exceptional high salary he seems to be on I’ll keep an eye out for his job.
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who are these non executives?? names anyone?
also when mr, steele left, did he get a golden handshake?
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Geezerboy
Details of non executive directors can be seen by going to the Guernsey Post web site, and downloading the pretty,and expensive Report and Accounts. You will even see pen pictires of the non execs.
Interestingly the finance director is Richard Hemans who write a number of articles critical of the States for the Press. I wonder how he would explain how he, and the finance qualified non execs, would allow such a confusion to occur.
The last part of the report is of interests when we look at the interets of non execs. For instance we see that in the year being reported, Specsavers (Dame Mary is a non exec) paid over £160,000 to Guernsey Post. However, the previous year the figure was zero.
Another non exec called Steve Hannon is involved with a UK company that received payments from Guernsey Post.
All in all the report indicate a healthy profit, one that would have been much better if £860,000 had not been spent on trying to become a bank.
I wonder how much the design of the Report and Accounts cost? Very nice but is it worth the cost?
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And I bet they don’t even ride a bike.
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Pete
Its difficult to cycle whilst carrying massive bags full of money!
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The folloing extract from the Guernsey Post Report is of interest
“Diversification into financial services is a key part of our strategy. This is a route that has been taken successfully by other Post Offices all over the world.
We already have a branch network, a customer service and call centre function, website management capability and local people with the necessary experience and expertise.
We are determined to resolve the issues and get a range of savings products launched in the future”
As Guernsey Post seems to be justifying the move into fiancial products as a normal post activity, should they have treated the £860,000 spent on the activity as an extradordianry item.
Mind you treating it as an extraordinary it allows them to uplift the underlying profit to £1.2 million.
Looks like more acrimony with OUR and massive legal fees ahead!!!!
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I see Jersey are advertising for a new Police Chief at 130K pa
Rumour has it that the Jersey pay scales have always been 10-15% above Guernsey’s,so that puts the Post Office top salaries into some perspective
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One word sums this all up – it is “OBSCENE
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They may be getting £150k, but you can hardly say they are earning it.
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Trouble is there are far too many “managers” running around being important: all officers and no men!
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