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Network Rail bosses given bonuses Rail bosses get £1.2m in bonuses
(10 minutes later)
Some top Network Rail bosses are to receive bonuses of more than £300,000, the company has announced. Some top Network Rail bosses are to receive bonuses totalling more than £1.2m, the company has announced.
The railway infrastructure operator has recently seen its annual profit fall and its debt level increase. Chief executive Ian Coucher will get more than £150,000 in incentive payments for the performance of his company over the last three years.
He recently turned down a separate annual incentive payment, likely to be worth several hundreds of thousands.
Directors Peter Henderson and Ron Henderson will each get more than £300,000 in bonuses.
Peter Henderson will receive a £217,000 annual bonus and £112,000 as part of the incentive plan.
Former financial director Ron Henderson will receive an annual bonus of £207,000 plus £112,000 under the three-year plan.
The Office of Rail Regulation (ORR) warned National Rail last month over its stewardship of the West Coast main line, which has been plagued by delays.
The ORR said the line's performance in recent months had been "volatile, and the problems are increasing".
This is despite a £9bn upgrade project, which was completed last December.
More than one fifth of trains on the London-Glasgow line ran late last year.
The railway infrastructure operator has also recently seen its annual profit fall and its debt level increase.
Pre-tax profit fell to £1.52bn in the period to 31 March, from £1.59bn in the same period a year before.Pre-tax profit fell to £1.52bn in the period to 31 March, from £1.59bn in the same period a year before.
The company's net debt also rose to £22.3bn from £19.7bn. It also failed to meet efficiency savings targets set by the Office of Rail Regulation.The company's net debt also rose to £22.3bn from £19.7bn. It also failed to meet efficiency savings targets set by the Office of Rail Regulation.