Bad news for wheel barrow manufacturers.
According to today's Times the Tories will give the ORR powers to veto or amend NR Directors' bonuses following "serious failure".
The Tories also plan to get shot of the majority of Public Interest Members - who have proven completely useless at holding the company to account.
Railway Eye readers will recollect the national fury that greeted the announcement earlier this year that NR's three executive directors would trouser £1.2m in bonuses between them; this despite the company being fined a record £14m by ORR for Christmastide engineering overruns.
The new scrutiny body will number 20 (down from 106) and will have additional powers to hold NR to account.
The Fact Compiler is confused. If Network Rail is a private company then surely the Tories cannot change the company's corporate governance, unless they nationalise it first. If they don't need to nationalise it, then it must already be under state control, in which case it can't be a private company.
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