Senior executives at Snowy Hydro received bonuses totalling $751,925 in the last financial year, even though the company's Snowy 2.0 pumped hydro project has ballooned to about 12 times its original cost, Guardian Australia reports. Chief executive Dennis Barnes, whose base salary is about $1.85 million, declined a bonus himself, the company said.
According to the annual report, the chief financial officer, chief operating officer and chief commercial officer each received bonuses of more than $200,000. Snowy 2.0, in Kosciuszko national park, was announced in 2017 with a $2 billion price tag but could cost taxpayers as much as $25 billion and is not expected to be fully commissioned until 2029. A spokesperson said short-term incentives reflect performance across the business. The report also noted a bonus for CSIRO's chief executive.
Source: The Guardian