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British Waterways executive bonus payoffs, 2008-2009
British Waterways is a UK public corporation and part of DEFRA. It is responsible for 2000 miles of inland waterways including the third largest collection of listed buildings and property in the country (behind The National Trust and Church of England).
However, unlike the National Trust, British Waterways directors pay themselves large large salaries which, including bonuses, which are disproportionate to their responsibilities. For example, BW's Chief Executive for the year 2007/8 received 284,041 pounds (including a bonus of 61,500). His counterpart in the National Trust who has more responsibility earned just 175,000 and the Prime Minister 194,250.
BW's financial year runs from April - March. The file shows that BW's remuneration committee did not approve 2008/9 bonus targets for its directors until 6 weeks before year end!
The main audience for the document is the British Taxpayer who foots the bill via government grant-in-aid and boaters whose costs across the board have risen significantly above inflation so that BW's directors can enjoy inflated salaries.
A number of people received the document and are in a position to independently verify it include the chair of the British Waterways renumeration committee. WikiLeaks has additional names.
British Waterways have just announced a long term plan to move from being a government department to an organisation like the National Trust. However, they have not aligned directors salary structure to that of the National Trust.
BW's remuneration committee will be meeting in May and will be considering a plan to provide directors with a 15% salary increase.This file is an update to the leak British Waterways Targets and Renumeration, 2004-2009.
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