APRIL 2005 Published by the Office of Rail Regulation Corporate strategy Contents Chairman’s foreword.......................................................................................................1 1. Introduction.................................................................................................................3 ORR’s aims and objectives .......................................................................................4 Background ..................................................................................................................4 ORR’s approach to regulation...................................................................................7 ORR’s approach to consultation ...............................................................................8 Structure of document ................................................................................................9 2. Setting railway outputs and funding..................................................................11 Introduction.................................................................................................................11 Periodic review process ...........................................................................................11 Devolved funding.......................................................................................................16 Freight and open track access charges.................................................................17 Network modifications ..............................................................................................17 work..................................................................................................17 Milestone summary...................................................................................................18 3. Industry relationships .................................................