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Railhub Archive 2001-07-09 RTK-001 Railtrack plc0
Railtrack announces compensation review
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John Robinson Railtrack Group Railtrack plc salaries Steve Marshall
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Railtrack announces compensation review _______________________________________________________________
related documents
type Press release
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.
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Enquiries: John Robinson, Chairman Tel: 020 7557 8114
Railhub Archive ::: 2001-07-09 RTK-001
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