Network Rail plans to cut executive bonuses

Network Rail is proposing to cut executive bonuses by 40%.

The new package, which would see the annual bonus reach a maximum potential of 60% instead of 100%, was discussed at a members’ meeting and will be put to a vote at a full general meeting in early 2012.

Network Rail has also proposed to change its three-year rolling bonus to an award granted every five years to tie in with the targets set for each of its five funding cycles.

A statement from Network Rail said: “Network Rail will only pay bonuses to its executive team if there has been exceptional performance, and the railway has got better and improved over the period compared with the tough targets set by the rail regulator.”

For more articles on executive pay and bonuses