$766K in bonuses
Nalcor paid out plenty to top execs this year
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.