Snowy Hydro executives receive $751,925 in bonuses despite project cost blowout
The Australian renewable energy company's leadership received substantial bonuses as its flagship project exceeded original estimates by a factor of twelve.
At a glance
- Snowy Hydro executives received combined bonuses of $751,925 in the last financial year
- The company's renewable energy project cost blowout reached twelve times the original budget
- CEO Dennis Barnes opted out of accepting a cash bonus
- CSIRO's chief received an extra $200,000 in compensation
Executives at Snowy Hydro collectively received bonuses totalling $751,925 in the last financial year, according to annual reports reviewed by The Guardian. This occurred despite the company's renewable energy project experiencing significant cost overruns, with the final expense reaching twelve times its original budget.
Chief executive Dennis Barnes, who earns a base salary of $1,845,126, declined to accept a cash bonus. The CSIRO's chief received an additional $200,000 in compensation during the same period.
Why it matters
The bonuses highlight questions about executive compensation practices at major infrastructure projects experiencing substantial cost overruns.
Original reporting
This brief was written with AI assistance from the reports listed above and checked against our editorial policy. Spotted an error? Request a correction.
