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Rail bosses get £1.2m in bonuses Rail bosses get £1.2m in bonuses
(41 minutes later)
Some top Network Rail bosses are to receive bonuses totalling more than £1.2m, the company has announced.Some top Network Rail bosses are to receive bonuses totalling more than £1.2m, the company has announced.
Chief executive Ian Coucher will get more than £150,000 in incentive payments for the performance of his company over the last three years.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.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. The Transport Salaried Staffs Association (TSSA) union said the bonuses were "completely unjustified".
Former financial director Ron Henderson will receive an annual bonus of £207,000 plus £112,000 under the three-year plan. The union also accused Network Rail - which owns and manages railway infrastructure - of attempting to "bury bad news" on the day Michael Jackson's death dominated news coverage.
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 company said that Peter Henderson will receive a £217,000 annual bonus and £112,000 as part of its incentive plan.
Their cynicism in trying to bury bad news on the day of Michael Jackson's sad death is truly breathtaking Gerry Doherty, TSSA union leader
And former financial director Ron Henderson will receive an annual bonus of £207,000 plus £112,000 under the three-year plan.
Mr Coucher recently turned down a separate incentive payment, which would have rewarded his performance on an annual basis.
His current bonus is instead based on the company's performance over the last three years.
The payments to Mr Coucher and his fellow directors are likely to prove unpopular in the light of criticism levelled at Network Rail's failings.
Last month the Office of Rail Regulation (ORR) warned the company Rail 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".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. 'Disgraceful service'
The problems came 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.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.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.
TSSA leader Gerry Doherty said: "Iain Coucher and his cronies win the Brass Neck of the Year award for taking these completely unjustified bonuses.
"They were warned by [Transport Secretary] Lord Adonis and the ORR not to take a penny this year because of the disgraceful five-day-week service on the West Coast line when they should have been operating a seven-days-a-week service.
"They are treating passengers and ministers with contempt. And their cynicism in trying to bury bad news on the day of Michael Jackson's sad death is truly breathtaking."