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06 February 2012

Labour Says Govt Needs Consent To Change Bonuses

The Labour party says it has discovered the Department for Transport has to give 'prior written consent' to Network Rail before it can make changes to its incentive policy.
Speaking on Sunday, Maria Eagle said the discovery comes after documents "proving" the Transport Secretary had a place on Network Rail's Remuneration Committee as the company's 'Special Member' was identified in the Articles of Association filed at Companies House.
Ms Eagles said the revelation added to the pressure on the Secretary of State to actually block the proposed bonus package, not just simply turn up and vote at Friday's Network Rail General Meeting.
The proposed scheme would see Senior Managers receive up to 60% of their salary as a bonus every year, and a further 500% at the end of each five year funding period.
Ms Eagle said: “Justine Greening is wrong to say that she cannot block these bonuses. Not only does the Secretary of State have a place on Network Rail's remuneration committee but we now know that she must also give prior written agreement to any change to the incentive scheme for senior managers.
"The government must come clean on whether that written permission has been given as it is difficult to see why Network Rail would have felt able to propose this new bonus package without knowing it had Ministerial backing.
"Justine Greening must now decide if she is going to act to stop the taxpayer funded Network Rail’s bonus plan, or just cast a vote on Friday while allowing them to go ahead."
(DW)

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