Public sector bonuses should be outlawed
I read with absolute dismay the article by James McLeod titled “$766K in bonuses: Nalcor paid out plenty to top execs this year.” The article made me figuratively ill.
So, Nalcor executives, including the executive in charge of the boondoggle known as Muskrat Falls, which is now grossly, grossly over-budget, and the executive in charge of the power supply — past blackouts and power supply warnings excluded, I assume — each get more than $50,000 for their performance.
And the CEO, who I assume was in charge of the recent hedge-fund investment made by Nalcor, for a loss of $67 million, gets more than $150,000.
These bonuses are figures that many people just dream about; let alone work a full year to earn.
Further, given the gross cost overruns to date, at double the original estimated cost, I believe, and how this debt will weigh on all taxpayers in our province for decades to come, the granting of these bonuses by the board, and the accepting of same by the executives, is nothing less than amoral, in my opinion.
The right thing to do would have been for the board to say those bonuses, if even warranted, would go toward the Muskrat Falls debt reduction.
And although some might say I’m comparing apples to oranges, I worked for the Ontario public sector for more than half my 30-year career, where work got added to my plate and only merit increases applied on my anniversary start date. Senior public sector execs, like those in the private sector, get their performance bonuses as a result of the drones doing their jobs well and showing results, not because of their personal wizardry alone.
Finally, but not least of all, bonuses for corporations like Nalcor, and our provincial government, or Crown agencies, in these provincial frigid fiscal times, should be against the law.
Yours in exasperation.