Wednesday, 18 October 2017

Network Rail chief in line for £99,000 bonus

THE chief executive of Network Rail, who lives in Henley, has been awarded a bonus of more than £99,000.

THE chief executive of Network Rail, who lives in Henley, has been awarded a bonus of more than £99,000.

Sir David Higgins is one of five directors in line to share more than £2million. The figure will increase if the cost of running the business is cut by £450million over three years.

It is the first time in three years that the senior executives have taken an annual performance bonus, despite punctuality falling and passengers facing above-inflation fare rises.

All 35,000 Network Rail employees are eligible for an annual bonus but the long-term pot of money is only available to the company’s five executive directors.

A further £1million could be added to the pot if a significant improvement in punctuality is made and promised modernisation schemes are carried out.

Sir David, 58, could double his £577,000 salary if all targets are met.

Manuel Cortes, union general secretary of the Transport Salaried Staffs’ Association, said: “The rail industry continues to reward failure on a grand scale. Again, Network Rail have missed their punctuality and safety targets and still awarded directors massive bonuses.

“As passengers face yearly fare increases, they will be puzzled why the directors across the rail industry, who cannot make their trains run on time, continue to reward themselves with taxpayers’ money.”

A Network Rail spokesman said: “Senior executives are rewarded only when performance exceeds tough targets which have been agreed with our members through an open and transparent process. If targets are not met, no bonuses are paid.”

Sir David was previously chief executive of the Olympic Delivery Authority and was responsible for delivering the Olympic Park on time and within the £8.1billion budget.

* What do you think? Write to: Letters, Henley Standard, Caxton House, 1 Station Road, Henley RG9 1AD or email letters@henley standard.co.uk

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