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Issue #1637      May 7, 2014

Network Rail cuts bosses’ bonuses

BRITAIN: Network Rail (NR) caved in to trade union pressure last week by announcing it is to cut huge bonuses to top bosses. Bonuses for five senior executives have been reduced from a potential 160 percent of salary to 20 percent.

Rail union TSSA general secretary Manuel Cortes said: “We welcome the sinner that repenteth, even at the eleventh hour.

“We have been arguing the case against double-your-salary bonuses for ten years and now, after taking £10 million in such unmerited bonuses, Network Rail’s top bosses have finally listened.”

The union demanded the payouts be stopped after the Commons transport committee criticised NR for a spate of deaths on level crossings.

Its record was highlighted again during the inquest into the death of four-year-old Emma Lifsey. And Mr Cortes said they should not have taken any bonuses – let alone the six-figure sums pocketed in recent years.

“We hope that this is not just a PR move to appease their critics. Whilst cutting bonuses, base salaries are to be quietly hiked to compensate for bonus losses. That would be sharp practice,” he added.

“Network Rail is a public company funded by the taxpayer to the tune of £4 billion a year. Safety should be its number one priority, not imitating the ‘get rich quick’ mentality of bonus-driven wide boys in the City.”

Chief executive Mark Carne still stands to net a £135,000 top-up to his £675,000 basic salary if the part-publicly owned company meets its performance targets.

Morning Star

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