No 2008/9 Bonus This Year!

[Allan(nb Albert)]

Perhaps this forum does influence British Waterways!

 

Although there is no press release BW is letting it be known that executive directors will be forgoing bonus this year. My comments are here

 

The March issue of Towpath talk has been chosen for the announcement.

[denboy]

ah well i suppose they`ll just have to scrap through on last years bonus then

[sociable_hermit]

The whole bonus scheme is silly - it leads to a disproportionate amount of time and money being spent on specific schemes just to tick the boxes. It is the overall situation that matters, and every spending decision should be based around the relative costs and benefits for all waterways users. The entire thing is out of focus at the moment. It also lures MPs into believing that BW's funding is adequate - look, they must be ok, they've reached all of their targets! The fact that the rest of the system is being run down and asset stripped is being hidden from Parliament by BW themselves, because BW have become far too good at papering over the cracks in order to please their masters and yep, you've guessed it, get their bonuses.

 

Hopefully this will be a wake up call for all concerned.

[Tiny]

It's not at all silly if you are a BW senior manager expecting the bonus to help pay for your new boat - for sea use not one of those canal bargy things of course.

[Allan(nb Albert)]

It's not at all silly if you are a BW senior manager expecting the bonus to help pay for your new boat - for sea use not one of those canal bargy things of course.

 

It is BW's executive directors who will not be getting bonus. We no nothing about the bonus scheme operated for senior managers - except that one exists (I think for what BW call the "top team")

[seaandland]

We knew of this decision a week or so a go, i personally dont think that no bonus will be paid to the directors, they claw it back other ways.

[Allan(nb Albert)]

We knew of this decision a week or so a go, i personally dont think that no bonus will be paid to the directors, they claw it back other ways.

 

My understanding is that that the Remuneration Committee met in December 2008 with the express purpose of considering bonus targets and payments in view of the current economic situation.

 

British Waterways is currently refusing to release the minutes of that meeting although I made a request under the freedom of information act that included them on 28/12/2008.

 

We also need to understand that the Remuneration Committee have to be satisfied that BW have achieved certain basic levels of "customer satisfaction" and "safety" before any bonus can be paid. Although these basic hurdles are trivial to achieve the fact remains that last years annual report stated that, in real terms, boaters satisfaction level dropped by 25% but was were expected to recover due to the introduction of Customer Service Standards. However, the public outcry over "bollards", cill markers, bits of A4 laminate together with the complete lack of consultation prior to introduction means that British Waterways is unable to justify any bonus payment for 2008/9 due to a further fall in boaters satisfaction levels.

 

The difference between this year (2008/9) and last year (2007/8) is that British Waterways bonus system has come under scrutiny. Put simply, the remuneration committee knows that any attempt to suggest that Customer Service Standards have actually improved "customer satisfaction" to an extent that bonus payments can be justified will simply not be accepted.

 

I might add that British Waterways has been unable to provide me with information as to how satisfaction scores are calculated from the various surveys they hold each year (and which cost us over £300k p.a.)

 

In BW's little world of spin they will try and pass off bonus payments not being made because directors will not accept them. The truth of the matter is that bonus payment will not be made this year because British Waterways know that they will be held to account if they attempt to do so.