Clauses in the former CEO’s contract could easily be enforced – but the whole rotten saga goes deeper
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Handing back a CBE costs nothing, financially speaking. So it is little wonder that Paula Vennells, former chief executive of the Post Office, , has discovered that returning her absurd award has prompted another question. Yes, but what about your bonuses?
The demand is obviously fair. And, critically, it is fair even according to the rules of the bonus scheme that operated during her seven years at the top from 2012 and 2019. Both the short-term incentive plan (STIP) and long-term (LTIP) at the Post Office clearly stated that there could be situations in which bonuses could be cancelled and individuals told to return cash.
Part of the job of a chair is meant to be about challenging groupthink and confirmation bias and spotting when an organisation may have got something spectacularly wrong.
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