Former Post Office CEO quits non-exec director roles at Dunelm and Morrisons By Investing.com

By Samuel Indyk

Investing.com – Paula Vennells, the former CEO of the Post Office between 2012 and 2019, has quit her non-executive director positions at both Dunelm (LON:DNLM) and Morrisons (LON:MRW), following a court of appeal ruling on Friday. The ruling overturned the wrongful convictions of 39 former postmasters who were prosecuted based on information from a faulty computer system called Horizon.

Vennells’ resignation was mutually agreed by both companies following the announcement on Friday.

“I am truly sorry for the suffering caused to them as a result of the convictions which the Court of Appeal has today overturned,” Vennells said on Friday. “I fully support and am committed to co-operating with the ongoing Government Inquiry, as I did with last year’s Select Committee Inquiry.”

ESG

The resignation highlights the influence ESG has on modern investing, according to AJ Bell financial analyst Danni Hewson.

“Paula Vennels’ decision to step down from the boards of Dunelm and Morrisons demonstrates the influence of three little letters and should fire a warning shot across the bows of all companies,” Hewson said in an emailed statement.

“ESG has power, and whilst much of the focus has been on the environmental credentials of businesses it’s the S and G that have quietly been taking hold.

“It’s no longer enough to talk the talk on ESG, companies have to walk the walk and they will judged harshly by investors and consumers if they fail to own up to or learn from their mistakes.”

At 10:07BST, Dunelm shares were trading higher by 0.9% at 1,462p. Morrisons shares were higher by 0.4% at 179.68p.