It's Network Rail bonus time again.
Confirmation that Iain Coucher and two other senior directors are in line for sizeable bonuses came in a letter to Network Rail public members from Jim Cornell, who chairs NR's remuneration committee.
Last year, Coucher received bonuses totalling £510,000, which are likely to be matched this year.
Of course it is up to Iain, and his fellow directors, to decide on whether or not to accept the additional moolah; especially when the rest of the railway is tightening its collective belt.
The industry, media and Westminster await their decision with interest...
UPDATE: This direct from Network Rail...
What confirmation that 'sizeable' bonuses wil be paid at Network Rail this year?
The year is not over, the final numbers have not been crunched and the remuneration committee has not made a decision.
The story that provoked this latest furore is the TSSA's brandishing of a 'leaked' letter which talks about NEXT year's management incentive plan - a plan that stretches incentives and further aligns them to passenger benefits.
Unlike the banks, Network Rail's bonus scheme (which encompasses everyone, whether signaller, maintenance worker, humble press officer or board member) rewards success.
It is also a licence condition and agreed with the ORR.
If train performance improves, assets are well managed and costs are controlled then bonuses are triggered.
We welcome this debate.
Posts
