Executives earn millions despite losses at some nuclear projects

AUGUSTA — Executives of a company financing construction of two nuclear reactors in Georgia continue to be awarded millions of dollars in incentives, despite it being behind schedule and billions of dollars over budget.

Southern Company, the parent firm financing Plant Vogtle’s two new reactors, held its annual shareholders meeting recently to give investing companies and others the chance to discuss issues with executives, The Augusta Chronicle reported.

Some shareholders are not happy about the board of directors’ decision to award incentives to executives in light of losses at two of the company’s major projects: Kemper Plant in Mississippi and the Vogtle expansion in Georgia’s Burke County, the Georgia newspaper reported.

The contract company Westinghouse, responsible for the Vogtle expansion, filed for bankruptcy March 29, prompting fears of potential project abandonment.

At least week’s meeting, about 40 percent of the shareholders voted to give themselves a more influential role in handing out incentives, which are approved and controlled by the board.

“The shareholder opposition to the executive compensation plan is a vote of no confidence in the board’s failure to hold executives accountable for the Kemper and Vogtle project failures in 2015 and 2016,” said Edward Kamonjoh, executive director of 50/50 Climate Project, which has been monitoring the projects.