Monday, 19 April 2010

NR board appointment fires up reformers zeal

Yesterday's Independent on Sunday reported that there is disquiet amongst NR members about the proposed appointment of Janis Kong to the company's board.

The decision is due to be rubber stamped in July at NR's Annual General Meeting but with reform to Network Rail governance mentioned in both the Tory and newly resurgent LibDem manifestos this could become a cause celebre.

Kong was a non-Exec at RBS when Fred the Shrek ran the doomed banking group and she was also on the remuneration committee that boosted the failed banker's pension pot by £20m.

NR's members, it should be remembered, are supposed to be the equivalent of shareholders in the not-for-profit company. Their disquiet is expected to be given voice at a members meeting tomorrow.

Despite these concerns NR remains bullish about the proposed appointment:

"When the board decided to invite Janis Kong to join them they did so in full expectation that a number of members would object on point of principle."

Did what!?!

The board of which real private sector company would dare treat its shareholders in such a cavalier fashion?

Thank goodness Network Rail has moved on from being an "arrogant" company.