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Rail chief gives up annual bonus Rail chief gives up annual bonus
(about 4 hours later)
Network Rail's chief executive is to give up his annual bonus for this year, saying he does not want it to cloud discussion of the firm's performance.Network Rail's chief executive is to give up his annual bonus for this year, saying he does not want it to cloud discussion of the firm's performance.
But other members of the Network Rail executive committee are still being considered for payments which could total hundreds of thousands of pounds.But other members of the Network Rail executive committee are still being considered for payments which could total hundreds of thousands of pounds.
And Iain Coucher will still be paid for the company's long-term performance.And Iain Coucher will still be paid for the company's long-term performance.
Network Rail insists it has hugely improved the railways and executives should be rewarded for the achievement.Network Rail insists it has hugely improved the railways and executives should be rewarded for the achievement.
'Toxic''Toxic'
A spokesman for Network Rail said Mr Coucher regarded bonuses as "toxic", and that the "well of public opinion had been poisoned by the criticism of big executive payments".A spokesman for Network Rail said Mr Coucher regarded bonuses as "toxic", and that the "well of public opinion had been poisoned by the criticism of big executive payments".
He was awarded £306,000 last year as part of a package of bonuses for executives totalling £734,000. This year he has told the company's remuneration committee not to consider him for the annual bonus. He said it was a personal decision.He was awarded £306,000 last year as part of a package of bonuses for executives totalling £734,000. This year he has told the company's remuneration committee not to consider him for the annual bonus. He said it was a personal decision.
NETWORK RAIL 20,000 miles of track1,000 signal boxes40,000 bridges and tunnelsOperates 18 major stationsCarries 3m passengers per day32,000 employees Profile of Network RailNETWORK RAIL 20,000 miles of track1,000 signal boxes40,000 bridges and tunnelsOperates 18 major stationsCarries 3m passengers per day32,000 employees Profile of Network Rail
Last year he was also awarded £214,000 under the Long Term Incentive Plan. If the committee makes a further award this year, Mr Coucher will take it.Last year he was also awarded £214,000 under the Long Term Incentive Plan. If the committee makes a further award this year, Mr Coucher will take it.
The executives who could get payments are group infrastructure director Peter Henderson, operations director Robin Gisby, infrastructure investment director Simon Kirby, and planning director Paul Plummer.The executives who could get payments are group infrastructure director Peter Henderson, operations director Robin Gisby, infrastructure investment director Simon Kirby, and planning director Paul Plummer.
The company's entire workforce is expected to receive bonuses of at least hundreds of pounds. The announcement is due in the next few months.The company's entire workforce is expected to receive bonuses of at least hundreds of pounds. The announcement is due in the next few months.
Network Rail is a not-for-profit company and its senior managers cannot be given the sorts of shares options offered in the private sector.Network Rail is a not-for-profit company and its senior managers cannot be given the sorts of shares options offered in the private sector.
It is a condition of the company's operating licence that it offers an incentive scheme and it has argued strongly that the pay-outs encourage executives to hit performance targets.It is a condition of the company's operating licence that it offers an incentive scheme and it has argued strongly that the pay-outs encourage executives to hit performance targets.
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Most of those targets are being met, including for train delays and safety. But it is understood the company will confirm in the next few months that one has not - to reduce the company's costs for replacing track and other aging infrastructure.Most of those targets are being met, including for train delays and safety. But it is understood the company will confirm in the next few months that one has not - to reduce the company's costs for replacing track and other aging infrastructure.
Network Rail has also been criticised this year for the disruption caused by engineering work on weekends and bank holidays.Network Rail has also been criticised this year for the disruption caused by engineering work on weekends and bank holidays.
Mr Coucher may take future paymentsMr Coucher may take future payments
The Office of Rail Regulation has ordered the company to cut engineering disruption by 21% over the next five years.The Office of Rail Regulation has ordered the company to cut engineering disruption by 21% over the next five years.
And in January a string of power problems resulting from engineering work on the West Coast main line caused repeated hold-ups for passengers.And in January a string of power problems resulting from engineering work on the West Coast main line caused repeated hold-ups for passengers.
The rail unions have also attacked the company's decision to delay some track replacement to save money.The rail unions have also attacked the company's decision to delay some track replacement to save money.
Executives at Network Rail say this is a deliberate decision. The work is being put on hold until new engineering equipment can be introduced which will allow the job to be done more cheaply.Executives at Network Rail say this is a deliberate decision. The work is being put on hold until new engineering equipment can be introduced which will allow the job to be done more cheaply.
The company is confident its knowledge of the state of the track and signalling is good enough to be sure that not replacing it will not pose any safety risks.The company is confident its knowledge of the state of the track and signalling is good enough to be sure that not replacing it will not pose any safety risks.
Network Rail insists it has hugely improved the condition of the railways since taking over from its predecessor Railtrack, and its executives should be rewarded for the achievement.Network Rail insists it has hugely improved the condition of the railways since taking over from its predecessor Railtrack, and its executives should be rewarded for the achievement.