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Archive
2001-07-09 RTK-001
Railtrack plc
Railtrack announces compensation review
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 John Robinson
Railtrack Group
Railtrack plc
salaries
Steve Marshall
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Press release
Railtrack plc
Railtrack announces compensation review
Railtrack Chairman, John Robinson, announced that last week he commissioned an
early review of the compensation arrangements for Executive Directors and
other senior executives across the group.
He commented 'Railtrack is in a unique position as a publicly listed company
which is delivering a key public service with direct funding now being
provided from public as well as private sources. Looking forward we must
therefore consider what is the most appropriate mix of management remuneration
and incentives recognising the legitimate sensitivities of our stakeholders
but also the need to attract, motivate and retain high quality managers on to
the railway'.
The review is expected to report back later in the year.
Steve Marshall, Railtrack's Chief Executive, has also indicated his personal
decision not to participate in either the Executive Share Option scheme or the
annual bonus scheme on an on-going basis. He will be cancelling his existing
share option entitlements with immediate effect.
Note to Editors
Steve Marshall has decided to waive his contractual participation in the
annual bonus scheme which entitles him to receive up to 50% of salary each
year depending upon achievement of corporate and personal performance targets.
He has also waived his normal entitlement to be considered for an annual
Executive Share Option grant, normally with a market value equivalent to one
times salary (currently £450,000).
Mr. Marshall's remaining performance incentive, as disclosed in page 26 of
this year's Annual Report & Accounts, is a special bonus opportunity of up to
one year's salary which may be payable two years after the date of his
appointment (November 2002), subject to the achievement of stringent
performance criteria (to the Board's satisfaction) over each of the two
relevant twelve month periods.
The arrangements for other Executive Directors will be assessed following the
review announced today. Conclusions will be announced later this year.
- ends -
Enquiries: John Robinson, Chairman Tel: 020 7557 8114
Railnews Archive ::: 2001-07-09 RTK-001
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