RAC sale to bring pounds 1,000 staff payout
Monday 01 June 1998
The pay-out is part of the package of proposals sent out last week to the 12,000 full members of the RAC who themsleves will receive pounds 34,000 each if they approve the sale package at the club's EGM on 19 June.
The pay-outs will go equally to all employees - including the clubhouse staff, breakdown staff and employees of RAC motorsport - who were employees on 26 March, when the then non-executive chairman Geoffrey Rose kicked the club into play by writing to the full members promising them a pay- out.
Mr Rose was forced to resign six weeks before he was due to retire because of the premature disclosure of the club's plans but remains a full member and will receive the pay-out to which he would have been entitled if he had remained as chairman until his intended retirement date of 20 May.
The three members of the club's executive board, including chief executive Neil Johnson, will also receive bonuses of up to one year's salary.
The package also sets aside pounds 17m to endow the two clubhouses, at Pall Mall in London and the Woodcote Park country club, plus pounds 13m to endow the RAC Foundation which carries out studies on the relationship between motoring and the environment.
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