Network Rail chief to forego his annual bonus

Published on Thursday 14 May 2009 22:04

NETWORK Rail chief executive Iain Coucher announced yesterday he would not be taking an annual bonus this year.

But he will still be eligible for a possibly substantial pay-out as part of the Network Rail (NR) long-term incentive plan.

Other top directors of the rail infrastructure company are expected to take annual bonuses as well as the long-term bonus.

Last year, Mr Coucher received a 305,000 annual bonus as well as more than 200,000 under the long-term incentive plan, with the awards being based on Network Rail's performance on meeting certain specified targets.

The bonuses were paid out despite NR being fined a record 14 million for three serious engineering overruns at Christmas and New Year 2007-8.

Mr Coucher said: "Today, I want to be able to talk freely about Network Rail's story of success and how it has 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.

"I know there is much more we need to do to deliver a consistently high-quality service to all rail users and I am committed to doing just that in the coming years.

"As a result of everything the industry has done, we now have a railway carrying a record number of passengers on a record number of trains.

"Passenger satisfaction at 83 per cent has never been higher; 91 per cent of trains arrive on time – the highest national figure ever recorded.

"Travel by train has never been safer and we have reduced by 1 billion a year for the British people the cost of running the railway."

He went on: "Nonetheless, I am mindful of current sentiment, so I have taken a personal decision to forego any annual bonus this year."