The ‘Fat Cat’ rail bosses set to receive up to £4.2million in pay packages this year

Train bosses are lining up to receive multimillion-pound pay packages this year as passengers face record fare hikes, cancellations and strikes.

An investigation by the Daily Mail found that despite a year plagued by poor punctuality, construction work and the worst strike disruption in decades, some executives could make as much as £4.2million – with more to come.

The Government has bailed out railways during the pandemic with £16billion, meaning taxpayers’ money has helped subsidize boost wage packages. And next year, passengers can expect fare increases of between 6 and 8 percent – ​​the largest on record.

Graham Sutherland (pictured), the CEO of FirstGroup, is in line for a compensation package worth up to £3million

Graham Sutherland (pictured), the CEO of FirstGroup, is in line for a compensation package worth up to £3million

An investigation by the Daily Mail found some executives could make up to £4.2million despite a year plagued by poor punctuality, engineering works and the worst strikes in decades

An investigation by the Daily Mail found some executives could make up to £4.2million despite a year plagued by poor punctuality, engineering works and the worst strikes in decades

The Government has bailed out railways during the pandemic with £16billion, meaning taxpayers' money has helped subsidize boost wage packages

The Government has bailed out railways during the pandemic with £16billion, meaning taxpayers’ money has helped subsidize boost wage packages

Despite all that, FirstGroup CEO Graham Sutherland is in line for a compensation package worth up to £3million.

The company owns 70 percent of Avanti West Coast, which canceled every sixth service in the four weeks ended July 23. It has also reduced services between Manchester and London until further notice.

Go-Ahead boss Christian Schreyer (pictured) could make as much as £1.37million this year

Go-Ahead boss Christian Schreyer (pictured) could make as much as £1.37million this year

Rupert Soames (pictured), chief executive of Serco, which operates the Caledonian Sleeper and partly controls Merseyrail, could make £4.2million if he hits his performance targets

Rupert Soames (pictured), chief executive of Serco, which operates the Caledonian Sleeper and partly controls Merseyrail, could make £4.2million if he hits his performance targets

Go-Ahead boss Christian Schreyer could earn up to £1.37million this year. Go-Ahead owns 65 per cent of Southern, Great Northern, Thameslink and Gatwick Express.

Rupert Soames, chief executive of Serco, which operates the Caledonian Sleeper and partly controls Merseyrail, could earn £4.2million if he hits his performance targets.

dr Jacob Kam Chak-pui is Chief Executive of Hong Kong-based MTR Corporation, which operates the brand new Elizabeth Line in London and has a 30 per cent stake in South Western Railway.

His salary package last year was almost £1.3million, including bonuses, and he’s lined up for similar this year, including a base salary of almost £900,000.

Meanwhile, the board of Deutsche Bahn, which ultimately owns operators CrossCountry, Chiltern Railways and London Overground, received £4.1million last year, up from £3.8million in 2020. They are in line for something similar this year.

Tory MP Greg Smith, who sits on the Commons Transport Committee, said: “I have nothing against big pay packages… but what we’re seeing with the railways today is far from top notch as my constituents fight to even get a seat on trains at rush hour.’

A spokesman for the Rail Delivery Group, which represents all operators, said: “We need to pay salaries that allow us to attract the best talent.”

A spokesman for FirstGroup said: ‘In line with our shareholder-approved policy, the Compensation Committee has given extensive consideration to the performance of the entire group over the year, along with the experience of shareholders and our broader stakeholders.’

A Go-Ahead spokesman said: “Executive compensation is aligned with challenging goals and the company’s Compensation Committee will consider factors such as operational performance and the pandemic when determining a final amount.”

An MTR spokesman said: “It is company policy that compensation is appropriate and aligned with the goals, objectives and performance of the company.”

A Serco spokesman said: “Serco is not just a railway company and our railway business accounts for less than 5% of our turnover.

“Since 2017, Serco’s revenue is up 50%, profits are up 234%, and we’ve booked $20 billion worth of orders.

A spokesman for the Rail Delivery Group, which represents all operators, said: “These people run large and complex companies that operate around the world, creating tens of thousands of UK jobs and boosting the economy.

“Like any industry, we must pay salaries that allow us to attract the best talent.”

https://www.dailymail.co.uk/news/article-11166381/The-fat-cat-rail-bosses-set-receive-4-2M-pay-packages-year.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 The ‘Fat Cat’ rail bosses set to receive up to £4.2million in pay packages this year

Emma Colton

WSTPost is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@wstpost.com. The content will be deleted within 24 hours.

Related Articles

Back to top button