Wednesday 16 Jul 2008
NETWORK RAIL COMPLETES ITS SIXTH AGM
- Region & Route:
- National
Network Rail chairman, Ian McAllister, closed his sixth annual general Meeting on 16 July, which saw an 80% turnout of its 101 members.
There were nine items of business on the agenda including the setting up of a members review group to look at corporate governance. All items were passed.
Chairman Ian McAllister said: "Full and frank debate were the features of this year’s AGM, with our members holding the management of the company to account.
"We welcome the formation of a review group to study the company’s corporate governance, and look forward to being involved. Network Rail has been in existence for six years now and has achieved much in that short time. We are constantly looking for ways to improve and evolve and welcome any further opportunity to do so."
A summary of the resolutions passed:
In favour (%)
Item 1: To receive the annual report and accounts - 99
Item 2: Re-elect Ron Henderson - 99
Item 3: Re-elect Yvonne Constance - 96
Item 4: Re-elect Stephen Russell - 93
Item 5: Appoint Deloitte & Touche as auditors - 86
Item 6: To approve the remuneration report - 82
Item 7.i: Authorise political activtiy & expenditure - 95
Item 7.ii: Revoke existing authorisations - 96
Item 8: To amend the articles of association to reflect recent changes in law - 100
Item 9: To set up a members review group to look at corporate governance - 55
Notes to editors
What are members? Network Rail is a company limited by guarantee; it is a private sector organisation operating as a commercial business and with a plc-style board of directors – but it is without shareholders. The Network Rail members fulfill the role of shareholders, but do not receive dividends or share capital, as Network Rail is a not-for-dividend company and any profit is re-invested in improving Britain’s rail infrastructure. Members do not receive payment for their services, but are paid reasonable expenses for the execution of their duties. Members play a crucial role in the company’s corporate governance and have statutory rights and duties – identical to ‘normal’ shareholders. These include: attending the company’s annual general meeting; voting on the appointment of re-appointment of Network Rail directors; and receiving Network Rail’s annual report and accounts.Contact information
Passengers / community members
Network Rail national helpline
03457 11 41 41
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Please visit National Rail Enquiries
Journalists
Network Rail press office - National
020 3356 8700
mediarelations@networkrail.co.uk
About Network Rail
We own, operate and develop Britain's railway infrastructure; that's 20,000 miles of track, 30,000 bridges, tunnels and viaducts and the thousands of signals, level crossings and stations. We run 20 of the UK's largest stations while all the others, over 2,500, are run by the country's train operating companies.
Usually, there are almost five million journeys made in the UK and over 600 freight trains run on the network. People depend on Britain's railway for their daily commute, to visit friends and loved ones and to get them home safe every day. Our role is to deliver a safe and reliable railway, so we carefully manage and deliver thousands of projects every year that form part of the multi-billion pound Railway Upgrade Plan, to grow and expand the nation's railway network to respond to the tremendous growth and demand the railway has experienced - a doubling of passenger journeys over the past 20 years.
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