24 June 2015
RMT Press Office
The top boss at First Group, the company currently in dispute with rail union RMT over plans to axe guards and catering services on their Great Western routes, has benefited from huge increases in pay himself.
In recent years, Tim O’Toole’s pay has alternated between little change, then huge increases (5.6%, 55.375%, -2.85%, 93.75%).
This has taken the pay received by Tim O’Toole from First Group plc from £643,000 (in the year to 31 March 2010), to £679,000 (in the year to 31 March 2011), to £1,055,000 (in the year to 31 March 2012), to £1,025,000 (in the year to 31 March 2013), to £1,986,000 (in the year to 31 March 2014).
Average remuneration per employee at First Group plc has moved much more modestly from £20,785 (in the year to 31 March 2010), to £22,153 (in the year to 31 March 2011), to £23,032 (in the year to 31 March 2012), to £23,823 (in the year to 31 March 2013), to £24,241 (in the year to 31 March 2014).
There is no justification for this – over the same period, First Group’s share price has collapsed
more than halving from 267.9 pence per share at the close of 31 March 2009, to 125.7 pence per share at the close of 23 June 2015.
RMT General Secretary Mick Cash said:
"As our members ballot for action on FGW as their jobs are left hanging by a thread the top boss at the parent company has seen his own pay rocket.
"This is the reality of rail privatisation. A bonanza at the top for the boardroom elite and a kicking for the staff who deliver the services. Our fight for public ownership to end this scandal goes on. "