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14/05/2009
Rail Chief Waives Annual Bonus
Network Rail's Chief Executive, Ian Coucher, has announced he will not take an annual bonus this year, to try to keep focus on his and the company's performance.
Other members of the Network Rail committee, however, are expected to take annual bonuses as well as the long-term bonus.
Last year Mr Coucher was paid £500,000 in bonuses - along with a £305,000 annual reward - after the rail infrastructure group met performance targets.
Last year he was also awarded £214,000 under the Long Term Incentive Plan. If the committee makes a further award this year, the chief executive will take it.
Referring to this year’s annual bonus, he told the remuneration committee not to consider him for it, saying it was a personal decision.
These payments were made, despite NR being fined a record £14 million for three serious engineering overruns over the 2007-2008 Christmas and New Year period.
Mr Coucher said: "Today I want to be able to talk freely about Network Rail's story of success and how it was delivered for passengers not just last year, but over the last five years without this story being clouded by controversy.
"In the last 12 months we met or exceeded almost all of the tough targets set for us by our independent regulator."
He also said the rail network was carrying a record number of passengers on a record number of trains, and passenger satisfaction was at 83%, and has never been higher.
"Ninety one per cent of trains arrive on time - the highest national ever recorded," Mr Coucher said. "Travel by train has never been safer and is now the safest form of transport and we have reduced by £1 billion a year for the British people the cost of running the railway."
The Office of Rail Regulation (ORR) - which sets targets on punctuality, how well NR has looked after the railways and the extent to which the company has made savings - has no direct influence on bonuses, which are a matter for the NR remuneration committee.
The ORR had previously supported the bonus culture at NR but last month its chairman, Anna Walker, said the concerns about bonuses were "absolutely understandable".
(JM/BMcC)
Other members of the Network Rail committee, however, are expected to take annual bonuses as well as the long-term bonus.
Last year Mr Coucher was paid £500,000 in bonuses - along with a £305,000 annual reward - after the rail infrastructure group met performance targets.
Last year he was also awarded £214,000 under the Long Term Incentive Plan. If the committee makes a further award this year, the chief executive will take it.
Referring to this year’s annual bonus, he told the remuneration committee not to consider him for it, saying it was a personal decision.
These payments were made, despite NR being fined a record £14 million for three serious engineering overruns over the 2007-2008 Christmas and New Year period.
Mr Coucher said: "Today I want to be able to talk freely about Network Rail's story of success and how it was delivered for passengers not just last year, but over the last five years without this story being clouded by controversy.
"In the last 12 months we met or exceeded almost all of the tough targets set for us by our independent regulator."
He also said the rail network was carrying a record number of passengers on a record number of trains, and passenger satisfaction was at 83%, and has never been higher.
"Ninety one per cent of trains arrive on time - the highest national ever recorded," Mr Coucher said. "Travel by train has never been safer and is now the safest form of transport and we have reduced by £1 billion a year for the British people the cost of running the railway."
The Office of Rail Regulation (ORR) - which sets targets on punctuality, how well NR has looked after the railways and the extent to which the company has made savings - has no direct influence on bonuses, which are a matter for the NR remuneration committee.
The ORR had previously supported the bonus culture at NR but last month its chairman, Anna Walker, said the concerns about bonuses were "absolutely understandable".
(JM/BMcC)
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