TfL Pensions and Pay

I've always been clear that I think TfL is good, but flabby. There are big cost reductions necessary to deliver the modern, efficient and affordable transport system Londoners need.

I won't tolerate waste and inefficiency and the TfL Commissioner, Mike Brown, is undertaking a fundamental overhaul of the organisation, reducing day-to-day operating costs for the first time in its history.

Since taking office I have focused on the affordability of senior manager and executive pay within TfL.

I have changed this so now I personally approve any proposed appointment with a base salary of £100,000 or higher. This has helped reduce the number of senior managers with a base salary of more than £100,000 by 19 per cent in 2016/17.

I have also introduced a pay freeze for all TfL Directors for four years from 2016.

The TfL Remuneration Committee made up of Board Members has direct accountability for decisions over the pay and performance award arrangements for the Commissioner and Managing Directors. I am reviewing the Committee's Terms of Reference to see if we should broaden its scope further.

TfL is an incredibly diverse and immensely complex organisation currently transforming itself to meet the demands of a rapidly changing economic environment in order to meet its new funding arrangements.

It is under no illusion that its pay arrangements must be made increasingly affordable and my commitment and drive to ensure this is unrelenting.