Lord Bownessasked Her Majesty's Government:
Who is responsible for the oversight of Network Rail and its financial procedures. [HL1932]
§ Lord Davies of OldhamNetwork Rail is a private sector company limited by guarantee. This means that the company's board is accountable to 116 members, drawn from the rail industry and other rail stakeholders. Network Rail is also subject to independent economic regulation by the Rail Regulator.
Lord Bownessasked Her Majesty's Government:
What procedures are in place to ensure that the best market price is achieved for the disposals of land surplus to requirements of Network Rail; and [HL1933]
Whether it is the policy of Network Rail to dispose of surplus land for social housing for less than market value. [HL1934]
§ Lord Davies of OldhamNetwork Rail is regulated by the Rail Regulator. Network Rail's network licence includes a condition, which prevents the disposal of land by Network Rail unless the regulator consents to the disposal. Where consent is given the decisions on whether, when and how land should be disposed are commercial ones for Network Rail.