Emera Inc. president and CEO Scott Balfour took home a whopping $8.28 million dollars in total compensation in 2021, including salary and stock options.
Enough to make you gag in your green beer, the figures for Emera’s top five executives were reported on St.Patrick’s Day in the company’s Management Circular.
Here a short summary of Pay Day for Emera’s Top People:
Scott Balfour, president and CEO, $8.28 million. (6% raise from 2020)
Greg Blunden, Chief Financial Officer, $2.5 million
Bruce Marchand, Chief Legal Counsel, $2.02 million
Karen Hutt, Executive Vice-President, business development and climate strategy, $ 1.64 million
(Hutt made less than $200,000 a year during her three years as president of Nova Scotia Power. Nova Scotia Power executive compensation paid by ratepayers — not to be confused with shareholders — is linked to the top salary paid to a Nova Scotia government deputy minister)
Rick Janega, CEO, Electric Utilities in Canada and Caribbean, $1.63 million
(Janega was responsible for completing the Maritime Link on time and on budget. The Link delivers Muskrat Falls hydro by cable from Newfoundland to Cape Breton.)
The people who served on Emera Inc’s board of directors earned between $250,000 and $300,00 in compensation last year. Chair Jackie Sheppard took home more than $400,00. The company’s annual general meeting will take place in Halifax May 26 and shareholders get to “have a say on pay” if they file all the necessary paperwork.
Although the multinational company that owns Nova Scotia Power and electric and natural gas utilities in Florida, New Mexico, and the Caribbean did not meet its EPS or “Earnings Per Share” objective, every Emera shareholder still saw a 4% increase on last year’s dividend and a TSR (Total Shareholder Return) of 22% on their investment. Not bad, huh? Meanwhile, Nova Scotia Power has a applied for a 10% rate hike over the next three years that will affect all electricity consumers in this province.
Fast facts from the Emera management circular:
• Emera has more than $34 billion in assets.
• Emera states it plans an 80% reduction in coal usage by the end of next year, 2023, and the retirement of Nova Scotia Power’s last coal unit “no later than 2040.”
• Emera says in 2021, the company achieved a 40% reduction in carbon dioxide emissions compared to 2005 levels. This figure includes other companies as well as Nova Scotia Power. “With $5.3 billion committed to clean energy projects, Emera expects to reach its goal of 55% carbon reduction by 2025,” states the filing to SEDAR.