Executive salaries

20 October 2017

Media reports claiming Hydro Tasmania executives have received significant salary increases misrepresent both fact and context.

In reality, Hydro Tasmania’s executive salaries have simply returned to near-normal levels after a sharp one-year drop in 2015/16, when the business did not make a profit and the Leadership Group elected to receive no incentive payments.

The overall executive salary amount dropped by almost 20 per cent in 2015/16 (no profit / no bonuses). It went back up by 13 per cent in 2016/17, when profit was restored, and incentive payments were restored for all eligible employees.

Hydro Tasmania’s Leadership Group have not received base salary rises above two per cent for 2016/17.

Total HT executive pay (base + incentive payments, etc):

2013/14:     3,891,000
2014/15:     4,071,000       (up 4.6%)                                           
2015/16:     3,282,000       (down 19% - no profit or incentive payments)
2016/17:     3,689,000       (up 13% - profit restored / bonuses restored)

CEO’s total salary specifically (base + incentive payments, etc):

2013/14:     560,000
2014/15:     593,000       (up 5.9%)
2015/16:     522,000       (down 12% - no profit / no incentive payments)
2016/17:     607,000       (up 16% - profit restored / bonuses restored)

These figures are referenced from Hydro Tasmania’s Annual Reports, available here.

Now that clear context is known, we trust media and others will refrain from characterising the situation as significant “executive pay rises”.

Ends.

Released for Hydro Tasmania by Rowan Dix, (03) 62305330 / 0409 722359 / media@hydro.com.au.

Archive

Media enquiries

For media enquires please contact:

Email icon-dark     media@hydro.com.au  

Phone     +61 409 722 359
© Hydro-Electric Corporation 2019