Network Rail Directors Get £600k Bonus

Four top Network Rail bosses have been awarded bonuses totalling more than £600,000 despite concerns over the company's performance.

The long-term incentive plan payments, including £168,000 to finance director Patrick Butcher, come at a time when rail regulators have been critical of the company's performance on the railways.

Under the plan, network operations managing director Robin Gisby and infrastructure projects managing director Simon Kirby both get £158,400, while group strategy director Paul Plummer picks up £148,400.

The payments, reflecting the company's performance in 2009-2012, could have been higher but Network Rail (NR) said 20% had been cut "to take account of specific safety and train performance issues".

NR also said the payments would be phased, with 60% paid now and the balance to be reviewed at the end of the 2013/14 financial year.

The awards have already been delayed by a year.

Finance Director Patrick Butcher received £168,000

The Office of Rail Regulation (ORR) has repeatedly expressed dissatisfaction with NR's performance, particularly on long-distance routes.

Recently there have been a series of overhead line problems that have caused serious delays on some busy routes, including the East Coast main line where punctuality figures have fallen.

Bad weather also caused flooding and landslides in December and January which affected services.

NR said on Tuesday that under the terms of the 2009 long-term incentive plan (LTIP), the four directors had qualified for a 100% payout, but that the company's remuneration committee had decided to reduce the award by 20%.

Of this figure, 10% reflected "workforce safety, level crossing safety and enforcement notices over the period" while the other 10% took into account the fact that train performance targets were not met.

NR chairman Richard Parry-Jones said: "The railway today is considerably more efficient, carries more passengers and freight, and is in a much better state than it was in 2009.

"Taxpayers have benefited from very significant savings, with a further £526m saved over and above our tough targets.

"Not everything has been perfect - and the 20% reduction we have made reflects that.

"But it would be flying in the face of reality not to acknowledge the real progress NR has made in this period, and these payments reflect and recognise that success."

NR added that from 2009-2012, the number of passengers arriving on time had risen 13% and projects worth £12bn had been completed.

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