Network Rail

Network Rail EGM members endorse Board of Directors
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date 18 December 2002
source Network Rail
type Press release

Network Rail, the ‘not for dividend’ successor to Railtrack, today held an Extraordinary General Meeting at which members voted to ratify the composition of its board of directors. The EGM, held at the Institution of Civil Engineers, was the first to involve all 115 members including public members - private individuals and stakeholder representatives, and industry members - representatives of rail license holders.

In addition to endorsing Network Rail’s emphasis on private sector engineering leadership, today’s meeting comprised introductory presentations on the structure, business plan and financing of Network Rail. Key themes which were highlighted included;

o the paramount importance of safety in every aspect of the company’s operations
o a determination to focus on rigorous cost control
o the necessity of moving to a preventative approach to maintenance
o a new structure for maintenance contracts to take control of this critical function
o the importance of improved performance to deliver reliable rail infrastructure

An extended question and answer session was followed by an optional in-depth workshop on the topic of Network Rails’ engineering strategy.

Ian McAllister, Chairman of Network Rail, said: “I am greatly encouraged that our first full members meeting was conducted in such a constructive spirit. The Members clearly fulfilled their primary role of holding the Board accountable. Network Rail’s structure is innovative and it is working.”

Railhub Archive ::: 2002-12-18 NET-002