Snowy Hydro executives receive $751,925 in bonuses despite project cost surge
The Guardian reported that executives at Snowy Hydro, the New South Wales renewable energy firm, collected a total of $751,925 in bonuses for the last…
The Guardian reported that executives at Snowy Hydro, the New South Wales renewable energy firm, collected a total of $751,925 in bonuses for the last financial year. The payouts came as the company’s renewable‑energy project expanded to twelve times its original budget, a cost blowout that has drawn scrutiny.
Annual reports show that chief executive Dennis Barnes, whose base salary is $1,845,126, chose not to take the additional cash bonus. The report also noted that the chief of the CSIRO received an extra $200,000, though it did not link that payment to Snowy Hydro’s bonuses.
The bonuses were awarded despite the financial strain caused by the project's escalating expenses, highlighting a disparity between executive remuneration and the company’s fiscal challenges.
Why it matters
The bonuses raise questions about executive pay practices as the project’s costs have ballooned dramatically.
Key details
- Location
- Australia · Oceania
- Reported by
- The Guardian
- First reported
- Key names
- Snowy Hydro, NSW, CEO, CSIRO
- Section
- Environment
Sources
This is an independent summary. Read the full, original reporting from the publisher:
Read the full story at The GuardianSpotted an error? Request a correction · How this summary was produced
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