The meeting took place in the shadow of an embarrassing revelation that rail bosses are set to take bumper annual bonuses this month.

Jim Cornell, chairman of Network Rail’s remuneration committee, admits in a leaked letter that “in the present economic climate there are clearly additional sensitivities” about executive bonuses but then goes for broke: “The railway is performing at the highest levels of safety, punctuality and passenger satisfaction ever seen in Britain.”

Rail unions are furious that the plan to pay “double your money” bonuses to senior staff was revealed as workers are laid off as the firm rows back on its programme of track renewal.

RMT general secretary Bob Crow said: “It beggars belief that in the current economic climate Network Rail should be allowed to make massive cuts in essential work while paying huge bonuses to bosses carrying out the cuts.”

TSSA leader Gerry Doherty said: “I would expect the independent directors to agree the bonuses despite public outrage. Because the only difference between an independent director and a supermarket trolley is the trolley has a mind of its own.”

Transport expert Christian Wolmar said: “Claims by senior managers that they deserve six figure bonuses on top of generous salaries are based on the idea that the company is in the private sector and they are highly skilled managers at the cutting edge of capitalism who could easily get much better paid elsewhere.

“That is nonsense. Network Rail is a publicly funded organisation dependent on vast subsidies because the railways are, inherently, a loss-making industry.”

Shadow Transport Secretary Theresa Villiers says the Tories would give the Office of Rail Regulation power to veto bonuses.