Jersey Post Non-Executive Director ("NED"): Remuneration approval

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A decision made on 6 December 2019

Decision Reference: MD-TR-2019-0115
Decision Summary Title:	Jersey Post NED remuneration approval		Date of Decision Summary:	4th December 2019
Decision Summary Author:	Advisor - Shareholder Relations		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Jersey Post NED remuneration approval		Date of Written Report:	4th December 2019
Written Report Author:	Advisor - Shareholder Relations		Written Report : Public or Exempt?	Public
Subject: Jersey Post Non-Executive Director (“NED”) remuneration approval
Decision(s): The Assistant Minister for Treasury and Resources: approved the proposed increase in NED remuneration as requested from 1st January 2020; and requested Jersey Post to review NED fees on a more regular basis with a clear link to Jersey RPI for future uplifts, as is the case with this approval.
Reason(s) for decision: To fulfil the requirements of Section 17.2 of the Memorandum of Understanding which requires any changes in the level of remuneration paid to non-executive directors to be agreed in advance by the Minister. The request for an increase in NED remuneration is reasonable based on an assessment of the proposal and that this is the first increase in NED fees since 2011.
Resource Implications: There are no additional resource implications for the Government as a result of this decision. All costs are borne by Jersey Post. The proposal increases the collective remuneration paid to NEDs from 2020 by £25,000 per annum i.e. a £5,000 increase for five NEDs excluding the chairman. This brings the total remuneration costs of NEDs up to £150,000 per annum for Jersey Post based on a board of six.
Action required: The Head of Financial Governance to notify the Advisor Shareholder Relations that the decision has been approved. The Head of Shareholder Relations to inform the Managing Director of Jersey Post that this decision has been approved.
Signature:		Position: Deputy L Ash, Assistant Minister for Treasury and Resources
Date Signed:		Date of Decision: