Statement concerning performance related payments
18 August 2011
Last year, against exceptionally challenging circumstances, British Waterways achieved a £9.6m better financial outcome than planned. This was mainly due to better commercial performance and significant savings in cost.
As a result, British Waterways was able to maintain expenditure on maintenance and repair of the historic waterways at similar levels to previous years despite a reduction in grant funding. The structural condition of the network improved again in 2010/11 for the fifth year in succession (measured as the proportion of structures in the worst condition).
The Board of British Waterways, which is appointed by Government, wishes to recognise the exceptional contribution made by certain staff, including executive directors. Accordingly, and in strict adherence to government guidelines, they decided that capped Performance Related Payments should be made.
In total some 215 people (12% of the workforce) will receive a Performance Related Payment.