$766K in bonuses

Nal­cor paid out plenty to top ex­ecs this year

The Aurora (Labrador City) - - FRONT PAGE - BY JAMES MCLEOD

Nal­cor En­ergy paid out $766,752 in per­for­mance bonuses to 18 ex­ec­u­tives ear­lier this year.

The top bonus went to CEO Stan Mar­shall, who was paid $157,000, on top of his base salary of $525,000.

John Macisaac, ex­ec­u­tive vice-pres­i­dent of Power Sup­ply, re­ceived the sec­ond largest per­for­mance bonus, to­talling $59,775.

Gil­bert Ben­nett, the ex­ec­u­tive vice-pres­i­dent re­spon­si­ble for the Muskrat Falls project, re­ceived a per­for­mance bonus of $55,837.

In re­leas­ing the num­bers to The Tele­gram, Nal­cor En­ergy in­cluded a brief emailed state­ment.

“The short-term in­cen­tives for Nal­cor ex­ec­u­tives re­flect a num­ber of fac­tors re­lated to per­for­mance dur­ing the year in ques­tion, in­clud­ing a heavy fo­cus on cor­po­rate-wide tar­gets (such as safety and fi­nan­cial per­for­mance) as well as di­vi­sional ob­jec­tives,” the emailed state­ment said. “This past year, the HR and com­pen­sa­tion com­mit­tee of the Nal­cor Board of Directors reviewed the short term in­cen­tive pro­gram to en­sure met­rics, out­comes and pay­ments are re­flec­tive of the com­pany’s goals and pri­or­i­ties.”

All of the per­for­mance bonuses are for pre­vi­ous-year re­sults.

2016 was the year when Mar­shall of­fi­cially de­clared that Muskrat Falls was a “boon­dog­gle” and re­vised the to­tal ex­pected cost of the project to $11.6 bil­lion. Later in the year, the project site was shut down briefly and work was dis­rupted by In­dige­nous ac­tivists who were con­cerned that the gov­ern­ment wasn’t do­ing enough to han­dle methylmer­cury con­tam­i­na­tion of the water sup­ply as a con­se­quence of the hy­dro­elec­tric dam.

Ear­lier this sum­mer, Mar­shall again re­vised the Muskrat Falls cost pro­jec­tions, to a to­tal of $12.7 bil­lion.

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