NETWORK RAIL: INCENTIVES
Sir Nicholas Soames:To ask the Secretary of State for Transport, how much was paid in bonuses to Network Rail executives in each financial year between 2010-11 and 2014-15.
Claire Perry, Parliamentary Under Secretary of State for Transport: The total annual bonus payments in the period requested are set out in the following table. The totals comprise annual and long term incentive payments in each financial year.
| Financial year | Total bonus payment | One-off retention payments |
|---|---|---|
| 2010-11 | £283,000 | Zero |
| 2011-12 | Zero | Zero |
| 2012-13 | £1,199,000 (Note 1) | Zero |
| 2013-14 | £260,000 | £900,000 |
| 2014-15 | Zero | Zero |
By way of comparison, in 2009-10 a total of £2.352million was paid out in bonuses.
Note 1 – The majority of this bonus payment of £1.199million relates to the payment in April 2013 of the first tranche of a Long Term Incentive Plan award for the period covering the three financial years to end March 2012. The Plan was approved by Network Rail’s Members at the July 2009 Annual General Meeting.
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