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Network Rail’s corporate governance will come under scrutiny again this week with the publication of a report by the consultancy KPMG. The rail regulator commissioned KPMG to examine Network Rail’s management structure as part of a wider review of its licence to operate. Rail-industry insiders expect KPMG to question how the company’s board is held to account and incentivised, and will propose more transparency on how management bonuses are calculated. The Office of Rail Regulation declined to comment ahead of publication. Network Rail, led by chairman Sir Ian McAllister and chief executive Iain Coucher, owns and operates nearly all Britain’s rail track and signalling, and most big stations. It is a company limited by guarantee, meaning it has no shareholders. Instead the board reports to 118 “members”, some of whom represent... [read full story]
