Network Rail

Transport written question – answered on 27th March 2014.

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Photo of John Mann John Mann Labour, Bassetlaw

To ask the Secretary of State for Transport

(1) if he will make it his policy that the remuneration of Network Rail executives should be reduced in response to the incidence of deaths on level crossings;

(2) with reference to the safety record of Network Rail, what his policy is on National Rail executives due to leave their posts receiving bonuses.

Photo of Stephen Hammond Stephen Hammond The Parliamentary Under-Secretary of State for Transport

Network Rail is currently a private sector company limited by guarantee, and the remuneration of its executive directors is a matter for its remuneration committee and members. Under a condition of the company's network licence, it falls to the independent Office of Rail Regulation to ensure that Network Rail's bonus scheme framework is transparent, and rewards sustained and significant out-performance of the targets set for it.

With effect from 1 September 2014, Network Rail will be reclassified to the public sector. Work to decide on the best approach to governance, finance, and accounting and budgeting, including remuneration, has now begun. In advance of 1 September a Framework Agreement between the Department and Network Rail, which explains these decisions, will be published.

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