Railway operations
In July 2014, TfL awarded a concession contract to Mass Transit Railway (MTR), a transport operating company based in Hong Kong, to operate Elizabeth line services. MTR Crossrail began running services on the eastern section of the railway in May 2015 and has a contract to operate services for eight years, with an option to extend to 10 years.
We also propose changing the date the finance director was no longer a board member, from:
Finance Director Mathew Duncan (until 19 November 2018)
to:
Finance Director Mathew Duncan (until 9 November 2018)
See the corrected Figure 10 overleaf.
| Figure 10 Crossrail Ltd Board of Directors at 31 March 2018
Crossrail Ltd senior remuneration | ||||||
| Remuneration in 2017-18 | Salary | Performance related pay for 2016-17 | Compensation for loss of employment | Benefits in kind | Total remuneration (excluding pension contributions) | Total remuneration (excluding pension contributions) |
|
| 2017-18 | 2017-18 | 2017-18 | 2017-18 | 2017-18 | 2016-17 |
|
| (£000) | (£000) | (£000) | (£000) | (£000) | (£000) |
| Andrew Wolstenholme, Chief Executive | 477 | 160 | 98 | 2 | 736 | 946 |
| Simon Wright, Programme Director | 329 | 106 | - | 2 | 436 | 494 |
| Sir Terry Morgan, Non-Executive Chairman | 250 | - | - | 2 | 252 | 252 |
| Mathew Duncan, Finance Director | 247 | 112 | - | 2 | 361 | 270 |
| Note 1 The sponsor agreement, to which the Department and TfL are parties, sets out the Remuneration Principles governing the remuneration and benefits package which applies to all members of the Crossrail Ltd Board. The Crossrail Ltd Remuneration Committee develops the Remuneration Framework, consistent with the Remuneration Principles. TfL approves the Remuneration Framework and ensures that the Secretary of State is provided with the approved Framework promptly. The Secretary of State may object to any part of the Remuneration Framework or a specific remuneration and benefits package which is not consistent with the Remuneration Principles and TfL shall take appropriate action to ensure that the inconsistency is addressed. The remuneration and benefits package of the executive directors of Crossrail Ltd and the chair and chief executive officer of Crossrail Ltd is determined by the Crossrail Ltd Remuneration Committee in accordance with the Remuneration Framework and in consultation with TfL. Source: Transport for London Annual Report and Statement of Accounts, 2017-18 | ||||||
