Transport for London is cutting the number of directors posts by 25 per cent as it struggles to reduce costs.

In recognition of the difficult economic climate, the salaries of senior TfL staff in 2010/11 were also frozen for a second consecutive year, and in addition the Commissioner of Transport, Peter Hendy, and all chief officers declined their performance awards for achievements in 2009/10.

It is also reducing the number of director level positions by 25 per cent, or 13 posts, as it restructures the organisation.

Its financial plan as well as an overview of its achievements and plans are outlined in its annual report and statement of accounts which will be considered by the TfL board on Wednesday, June 27.

Mayor of London and chairman of TfL, Boris Johnson, said: “Despite the toughest economic climate in decades, we have secured unprecedented levels of investment in London’s transport network and there have been record numbers of passengers carried.

“It is absolutely imperative now that we continue in this vein, improving the reliability of our transport network and increasing capacity and I know that TfL staff are up for this challenge.”

The TfL annual report and statement of accounts also set out, as it does each year, senior remuneration across the TfL group of companies. For the first time this year, the figures include those from Tube Lines.

The figures show that although there has been an increase in the overall number of people who received total remuneration of over £100,000 in 2010/11, this is due to the acquisition of Tube Lines in June 2010, an increase at Crossrail as it recruits more staff and enters the delivery phase of the project, and an increase in the number of people across TfL whose total remuneration exceeded £100,000 due to severance payments. The number of people earning total remuneration of over £100,000 across the TfL group of companies in 2010/11 was 379. This includes 68 employed at Tube Lines (37 of these staff have since left TfL), 84 people who left TfL in the last year and received total remuneration of more than £100,000 through a combination of their salary and severance and 31 senior staff at Crossrail. Therefore, the baseline number in 2010/11 was 196, roughly equal to 194 in 2009/10.