SOEs paid out $54m in bonuses last year - report
State-owned power companies pay the highest incentives.
Hot Topic
EARNINGS
State-owned enterprises (SOEs) paid out $54 million in performance bonuses to their staff last year with power companies leading the way.
The bonuses were handed out as the government was preaching fiscal constraint and State-owned enterprises Minister Tony Ryall wants to know why.
It said Meridian doubled its incentive payments to $10.7m, Transpower increased its bonuses by $340,000 to $5.5m, Mighty River Power moved closer to $3m and Solid Energy paid out more than $10m.
Overall, SOEs paid out $54m, up $8.6m on the previous year.
"I'm looking at these numbers and those who are out of line with what we expect to be happening, I'll be asking the chairs of these organisations to explain because I think New Zealanders would want to know too," Mr Ryall said.
The report recalled that two years ago the government also promised action, and SOE chairs were called to the Beehive.
NZPA
Thu, 23 Jun 2011
Thu, 23 Jun 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
SOEs paid out $54m in bonuses last year - report
15429