BC Hydro executive bonuses questioned as deficits grow
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, the CBC reports.
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.
- The article continues at: http://www.cbc.ca/news/canada/british-columbia/story/2011/11/02/bc-hydro-executive-bonuses.html?cmp=rss
