Emera boss pockets more than $8M in 2021
Parent company of Nova Scotia Power released its annual report on compensation Thursday
Emera chief executive Scott Balfour earned $8.2 million in salary, bonuses and other benefits last year, nearly $500,000 more than 2020, or a six per cent increase.
The parent company of Nova Scotia Power released its annual report on compensation paid to its five top executives Thursday.
Compensation includes base salary, share awards, share options incentives, pension value and perks.
Chief financial officer Greg Blunden was the next highest paid. He made $2.5 million in compensation, $265,231 more than 2020, or an 11 per cent increase.
Compensation paid to Bruce Marchand, chief legal and compliance officer, was virtually unchanged at $2 million.
Former Nova Scotia Power president Karen Hutt saw the biggest boost. Emera's executive vice-president of business development and strategy earned $1.65 million, $289,706 more than 2020, or a 21 per cent increase.
Rick Janega, the chief operating officer, electrical utilities Canada & Caribbean, was the outlier.
His compensation fell $689,073 — or 28 per cent — to $1.63 million. Janega successfully guided the Maritime Link to completion.
Committee oversees compensation
Executive compensation is overseen by a management resources and compensation committee. It is made up of four independent Emera board members and chaired by Henry Demone, the former CEO of High Liner Foods.
In its management information circular, Emera said executive compensation "has been largely aligned" with total shareholder returns in recent years.
"The analysis concluded that Emera's compensation framework provided appropriate alignment between the President and CEO's compensation and the shareholder experience over the long term," Emera states.
Emera shareholder returns increased by 22 per cent from 2020 to 2021.
"In the face of the demands and impacts of a global COVID-19 pandemic, 2021 was a year of strong performance, both financially and operationally for Emera, including the achievement of important regulatory outcomes,' Emera states.
"Under Mr. Balfour's leadership, Emera has advanced its carbon reduction goals and is increasingly recognized as a leader in ESG (environmental, social and governance)."
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