Another fine mess

When Railtrack was fined by the rail regulator for being in breach of its license it was clear that its shareholders would have to take notice. If they failed to get the rail infrastructure company’s management to perform, the value of their investment would be hit. Railtrack’s successor, Network Rail, was fined £14m this week for overrunning engineering work in the New Year, but what difference will it make?

Network Rail is of course a not-for-profit company with a mission...

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