$ 7.4m for elec­tric­ity ex­ec­u­tives

Townsville Bulletin - - NEWS - TONY RAGGATT

THE 20 top ex­ec­u­tives at govern­ment- owned elec­tric­ity cor­po­ra­tions Er­gon En­ergy and En­ergex were paid more than $ 7.4 mil­lion in 2015- 16, records have shown.

As con­sumers face ris­ing power prices, the Bul­letin has found that dur­ing 2015- 16, the 21 di­rec­tors of both Er­gon En­ergy and En­ergex were paid $ 821,000, with some di­rec­tors col­lect­ing ad­di­tional fees for act­ing as di­rec­tors on Er­gon sub­sidiaries Er­gon En­ergy Queens­land Pty Ltd and SPARQ So­lu­tions Pty Ltd.

The high­est- paid ex­ec­u­tive in 2015- 16 was En­ergex CEO Ter­ence Ef­feney, who was paid a to­tal of $ 895,000 in­clud­ing a $ 96,000 per­for­mance pay­ment.

Er­gon En­ergy CEO Ian McLeod col­lected $ 844,000, in­clud­ing a $ 62,000 per­for­mance pay­ment and $ 190,000 in ter­mi­na­tion ben­e­fits.

Other highly paid ex­ec­u­tives in­cluded ex­ec­u­tive gen­eral man­ager as­set man­age­ment Peter Price, who re­ceived a to­tal 2015- 16 pack­age of $ 500,000, and ex­ec­u­tive gen­eral man­ager re­tail Roslyn Baker, who also served as act­ing chief ex­ec­u­tive, who re­ceived $ 599,000.

Ac­cord­ing to the fi­nan­cial state­ment of par­ent com­pany En­ergy Queens­land, ex­ec­u­tive em­ploy­ment con­tracts make pro­vi­sion for fixed re­mu­ner­a­tion and an “at risk” per­for­mance in­cen­tive. Any “at risk” pay­ment is con­tin­gent on the boards’ as­sess­ment of the com­pany’s over­all per­for­mance and share­holder ex­pec­ta­tions.

Per­for­mance pay­ments may not ex­ceed a max­i­mum of 15 per cent of the in­di­vid­ual’s to­tal fixed re­mu­ner­a­tion.

The State Govern­ment an­nounced a merger of Er­gon and En­ergex for the 2015 elec­tion with new en­tity En­ergy Queens­land formed on June 30, 2016. The Govern­ment promised a tar­get of net es­ti­mated sav­ings of $ 560 mil­lion over five years.

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