Network Rail has announced the names of its 22 new public members who will help keep the company accountable for its actions.
As a not-for-dividend company where any profit is re-invested in improving Britain’s rail infrastructure, the public members fulfil the role of shareholders in holding the board to account for the quality of its governance.
Chairman, Rick Haythornthwaite, said: “The new members join Network Rail at a time of great change both for the company and the for the rail industry. We will shortly know the findings of the McNulty value for money study and the comprehensive spending review. This will define how Network Rail can fulfil its role ever more efficiently.
“Soon too, Network Rail will have a new chief executive. He will lead the company into its next phase – with a greater focus on safety culture, customer needs and passenger priorities. This is an exciting time for our members to play a full part in delivering Network Rail’s vital national mission.”
The new members, who were nominated by an independent selection panel, will begin their term of appointment in November 2010. They will join Network Rail’s existing Industry and public members and will replace the public members whose membership expires this year.
Members play a crucial role in our corporate governance and have statutory rights and duties. These include: attending the company’s annual general meeting; voting on the appointment and re-appointment of directors; and receiving our annual report and accounts.
The total number of members will be 95. They do not receive payment for their services, but are afforded reasonable expenses for the execution of their duties.
The new public members are:
Peter John McIntyre