FAILED POST OFFICE FAT CAT GETS PAY-OFF WORTH £MILLIONS

11.37.57am BST (GMT +0100) Fri 13th Jun 2003

Responding to reports on ITV News that a cash and benefits pay-off worth millions is to be awarded to former Consignia chief executive John Roberts, Vince Cable MP, Liberal Democrat Shadow DTI Secretary, expressed outrage at such a blatant example of business throwing money at failed executives.

Dr Cable said: "It is outrageous that a failed executive from a business that lost £1.2m a day in 2002, can walk out of the chaos around him with the corporate equivalent of pockets stuffed with cash. "

"Mr. Roberts legacy includes the announcement of 30,000 job loses. Staff who have been made redundant will be mortified by the size of Mr. Roberts golden goodbye. The awarding of this package will be particularly unpalatable to Post Office sub-postmasters, whose very existence is currently under threat.

"In issuing consultation after consultation on the Fat Cat issue, the Government has done nothing but reinforce the anger and frustration which many people feel about these excessive rewards for manifest failure."

"There is a clear consensus for action that shareholder power is the way to tackle these excesses. The Government must strengthen the legal framework by making shareholder votes binding. Institutional shareholders' voting records must also be published so they can be held to account for their decisions."

"ENDS"

"NOTES TO EDITORS: ITV News reports that John Roberts pay off package includes a £3m pension package, a golden goodbye of 40% annual wage. Mr Roberts also received a pay rise in his last year of 10%.