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Snowy Hydro 2.0 has not been a raging success so far, not in anybody's language.
That has not stopped the Snowy execs getting huge bonuses.
From The Evil Murdoch press
Mick
That has not stopped the Snowy execs getting huge bonuses.
From The Evil Murdoch press
The KPI's for these blokes must have just consisted of just turning up for work, rather than working from home.Nine executives on the Snowy Hydro 2.0 scheme were awarded $4.5m in short-term bonuses in the past financial year, despite the project facing major cost blowouts and a delay of up to six years until completion.
The giant pumped hydro’s top bosses raked in a total of nearly $11m in their pay packets, which were up by more than 20 per cent on the year before. The payments were buoyed by a 30 per cent increase in bonuses.
The significant boost in salaries comes as the project continues to be beset by myriad delays, which have included the collapse of one of its main contractors, Clough, and the abrupt exit of its chief executive, Paul Broad.
Significant derailments in the project and closure of coal-fired power stations have triggered the Australian Energy Market Operator to warn of a supply crisis in the next few years unless new supplies come online or Snowy 2.0 can claw back delays.
The project’s key building partner has also been facing accusations of payment delays to contractors, while workers have threatened to strike after maggot-infested food was served onsite.
Mick