BC Hydro executive bonuses questioned as deficits grow

mission · Nov 2, 2011

The NDP is demanding BC Hydro stop paying lavish executive bonuses, following an auditor general's report that revealed that the Crown corporation actually ran a $249 million deficit last year.

NDP leader Adrian Dix says at a time when Hydro is looking at ramping up rates for customers, the current bonus system for executives doesn't make sense

"I think they are just out of touch. There is no understanding of the public's ability to pay especially at a time when things at Hydro are in such disarray," said Dix.

Last week, the auditor general said Hydro was only able to report a profit in the 2009-2011 fiscal year by deferring $696 million in expenses, adding to a total of $2.2 billion in deferred expenses in recent years.

The bookkeeping manoeuvre enabled the Crown corporation to claim a profit of $447 million last year, rather than a deficit of $249 million.

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Rather than making a profit, BC Hydro’s debt has increased from $7.5 billion in 2006 to $11.6 billion as at March 31, 2011, the Auditor General noted.

But the corporation rewarded its executives last year with bonuses of up to $100,000 dollars.

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Despite getting a $73,000 bonus last year, earlier this month BC Hydro CEO Dave Cobb announced he was resigning just a year and half after taking the job, which earned him a total of $467,000 last year.

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the mechanic · Nov 3, 2011

... this is why bc hydro is a very, very dangerous company. it's a mangy, bankrupt crown operation, trapped in a corner like a crazed wild animal, and wild animals are unpredictable and dangerous ...

mission · Nov 3, 2011

These civil servants are paid very well...

sdes · Aug 21, 2012

BC has a population of 4 million 400 thousand people divide the number oe taxpayers into 11.6 billion and see what your share of the deficit is Add in BCs deficit of3.8 and ride BCs of1.1B to see what every one of us owes on BCs debt I know the people in southern BC are not intrested in the Site C dam because it is not in our backyard but it is going to add 7.9billion to that deficit which isnt in your backyard but right in your backpocket So its time to get interested See your MLA and tellhim what you think of how they are managing our tax money

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BC Hydro executive bonuses questioned as deficits grow

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