Executives at Snowy Hydro shared bonuses worth $751,925 last financial year, even though its flagship project is far over budget. The company's annual report shows the payments.
Chief financial officer Kim Josling received $215,440, chief operating officer Maia Schweizer $255,570 and chief commercial officer Gordon Wymer $280,915. Chief executive Dennis Barnes, who earns $1.85 million, asked the board not to pay him a bonus.
Snowy Hydro 2.0 will not be finished until 2029. It was first priced at $2 billion and may now cost taxpayers up to $25 billion.
π The Backstory
Snowy Hydro 2.0 is a huge pumped hydro scheme in Kosciuszko National Park. The Turnbull government announced it in 2017 as a way to store clean energy and back up the grid. The price was revised to almost $13 billion in 2023.
The same report season showed CSIRO chief executive Doug Hilton received a $198,517 bonus. The science agency has cut more than 1,100 jobs in two years. Snowy Hydro says bonuses are based on performance across the business.
π― Why It Matters
Snowy Hydro is owned by taxpayers, so its costs and payouts come from public money. Big bonuses on a delayed project can damage trust.
Executives at Snowy Hydro shared bonuses worth $751,925 last financial year, even though its flagship project is far over budget. The company's annual report shows the payments.
Chief financial officer Kim Josling received $215,440, chief operating officer Maia Schweizer $255,570 and chief commercial officer Gordon Wymer $280,915. Chief executive Dennis Barnes, who earns $1.85 million, asked the board not to pay him a bonus.
Snowy Hydro 2.0 will not be finished until 2029. It was first priced at $2 billion and may now cost taxpayers up to $25 billion.
Snowy Hydro 2.0 is a huge pumped hydro scheme in Kosciuszko National Park. The Turnbull government announced it in 2017 as a way to store clean energy and back up the grid. The price was revised to almost $13 billion in 2023.
The same report season showed CSIRO chief executive Doug Hilton received a $198,517 bonus. The science agency has cut more than 1,100 jobs in two years. Snowy Hydro says bonuses are based on performance across the business.
Snowy Hydro is owned by taxpayers, so its costs and payouts come from public money. Big bonuses on a delayed project can damage trust.