Media centre

Thursday 24 May 2007

EXECUTIVE DIRECTORS DEFER OWN BONUSES

Region & Route:

National

Following today’s announcement of the Remuneration Committee’s decision in relation to Network Rail bonuses, the Company’s Executive Directors have decided to defer their own annual bonus entitlement for this year. No decision will be taken on Executive Directors' bonuses until the causes of the Grayrigg derailment are fully understood.” This means that the decision over the bonus to be paid has been deferred for the entire chain of management command from the Board, through the maintenance function, down to the relevant people in the track maintenance depots near Grayrigg. This brings to 123 the number of people whose potential bonus is being deferred. The amount of the deferral rises from £400 for a front-line worker up to £88,740 for the Chief Executive. A decision on these bonuses will be taken once the investigation into the tragedy has identified the root causes of the accident. The Executive Directors of Network Rail are:

• John Armitt, Chief Executive
• Iain Coucher, Deputy Chief Executive
• Ron Henderson, Group Finance Director
• Peter Henderson, Group Infrastructure Director

The other 119 people affected are the Director of Maintenance and the managers and employees directly involved in the maintenance of the track at Grayrigg.