Daily Express - Breaking news, sport and showbiz from the World's Greatest Newspaper
Newspaper Cover Page
Our Paper

Front and Back Pages, E-Edition and Back Issues...

Weather
 14°C
London
Wednesday 15th October 2008 Make us your HOME PAGE  What is RSS?

UK NEWS

SIX-FIGURE BONUSES FOR RAIL BOSSES

Story Image


Network Rail bosses are to get six-figure bonuses

Friday June 6,2008

Network Rail bosses are to receive six-figure bonuses despite presiding over travel chaos caused by engineering work overruns at the new year.

The Office of Rail Regulation (ORR) tried to intervene in the bonus process by pointing out certain Network Rail (NR) failures to the company's remuneration committee.

But NR confirmed its three top directors were all getting performance-related annual bonuses of more than £200,000, with chief executive Iain Coucher receiving £305,581.

In addition, under a rolling three-year long-term incentive plan, the top three are also getting bonuses of more than £153,000, with Mr Coucher getting £205,000.

Former NR chief executive John Armitt is now chairman of the Olympic Delivery Authority, but he will get a £178,000 bonus for being in office during part of the last three years.

All NR staff will get an annual bonus - getting at least £871 - with £55 million being paid out in total. This is about twice the amount awarded last year.

ORR chief executive wrote to NR remuneration committee chairman Jim Cornell last month pointing out NR performance deficiencies.

ORR fined NR a record £14 million this year for the new year engineering work overruns, the worst of which was at Rugby in the West Midlands on the West Coast Main Line.


Share...

Got A Story? Get in touch online
Email the news desk directly here!


Network Rail to announce results

Rail infrastructure company Network Rail (NR) is due to announce its preliminary...

Read More Comment Speech Bubble Have Your Say(0)

Amazon prices spark shopping frenzy

THOUSANDS of customers were in shopping heaven today when a pricing error on Ama...

Read More Comment Speech Bubble Have Your Say(2)

Fuel protesters blockade refinery

Fuel protesters formed a human blockade in order to prevent tankers from leaving...

Read More Comment Speech Bubble Have Your Say(0)

Todays best TV right here for you at the Express. • See Guide

The Political Cartoonist of the Year