It is beyond comprehension that any chief executive employed within Britain’s farcical railway infrastructure can be rewarded with a gong (a CBE), given the chaos on the rail system. But that is what Network Rail’s chief executive Mark Carne was given for his incompetent services to the rail industry. However it is not just the rail industry where rewards are given for failure.
Thames water have been condemned by the industry regulator Ofwat for failing its customers by not tackling water leakages and has been compelled to pay back £120 million to their customers after breaching its licence conditions. Yet despite this mammoth dereliction of duty, Steve Robertson the Chief Executive of Thames was paid £700,000. The farce gets even more farcical when Martin Baggs, the previous CEO received a £1,384,000 payoff despite the failings of Thames.
Remember Carillion the debt laden outsourcing conglomerate that failed, causing projects to close and many thousands to lose their livelihoods? In that case the ex-CEO was given a £660,000 pay off for failure.
Each time the pay outs are published we see the MPs and commentators wringing their hands, shrieking that this should not be taking place but then quietly forgetting to do anything when the hullabaloo dies down.
While some shareholders may find this unacceptable and push for a change, there will be no long-term solution until these key industries are back in the hands of workers and outsourcing in consigned to history.