Wednesday, 21 July 2010

"The Prime Minister will be deeply disappointed"


According to the Number 10 spokeswoman in the Lobby today "The Prime Minister will be deeply disappointed" by the decision of Network Rail's Members to rubber stamp director bonuses.


But what are we to make of this from Network Rail's press release on today's disappointing proceedings:

Network Rail today held its annual general meeting in Manchester attended by 59 of its 100 members... with 77 members voting.

So 41 Members of Network Rail couldn't be bothered to attend the company's Annual Meeting.

Clearly they know the game is up.

Whilst 23 couldn't even be arsed to vote at all!

What a testament to Network Rail's fabulous corporate governance.

So what difference did these 23 abstentions make?

Only 54% (of the 77 who did bother to vote) approved the Directors' Remuneration Report as set out on pages 30 to 49 of the Company’s Accounts for the year ended 31 March 2010

Oh shame on those Members that abstained - you know who you are.

What earthly value are you to man or beast?

The abolition of the rightly named 'Members' cannot come
soon enough!

Come on Phil, put them out of our misery and that right soon.

UPDATE: This from the Gruaniad...

There were 37 votes in favour of the pay report, 31 against and nine active abstentions including the Department for Transport's single vote.