Last year was another banner year for shareholders and its top executives of Nova Scotia Power's parent company, Emera.
The energy conglomerate — which includes Nova Scotia Power, Bangor Hydro, several Caribbean utilities, three natural gas plants in New England and 13 per cent of the Maritimes & Northeast Pipeline — saw growth in its operations outside the Maritimes which now account for about half its income.
Emera's profit, $319 million in adjusted earnings, was up 23 per cent over the previous year. Shareholders saw their earnings increase by 16 per cent.
What Emera executives earn
President and CEO Chris Huskilson took home total compensation — including his salary, bonus, and stock options— worth $4.6 million.
Information issued by the company says that compensation puts Huskilson in the 50th to 75th percentile for executives of similar-sized utilities.
A slight dip in his bonus reduced his total 2014 package by $147,000 over 2013.
Scott Balfour, Emera's chief financial officer and newly appointed executive in charge of U.S. and Caribbean operations, took home a tidy $1.8 million.
Rob Bennett, Emera's chief operating officer and newly appointed executive in charge of its eastern Canadian division, earned $1.5 million.
For the first time, shareholders will get a vote and a say on executive compensation at the company's annual general meeting scheduled for May 21 in Saint John, New Brunswick.
Nova Scotia Power payouts
Nova Scotia Power's profit for 2014 was essentially flat: $124.9 million compared to $126 million for the previous year.
Nova Scotia Power president Bob Hanf saw his total compensation drop by 26 per cent from 2013. Part of that was from a change in pension as well as a lower bonus related to the company performing below its targets for safety and finance.
Hanf received $914,493 in 2014. Of that, ratepayers paid 25 per cent of his salary. Rate also covered part of the salarites for two other executives — Wayne O'Connor and Greg Blunden, in charge of operations and customer service, respectively.
Ratepayers covered a total of $650,000 of these top three salaries.
Eight members of NSP's board of directors each got an $11,500 raise on Jan. 1, 2015.
Their annual retainer is now set at $68,500 a year.
Directors receive a fee of $1,750 to attend meetings in person and $1,250 to participate by telephone.
Most directors averaged about $94,000 in fees and retainers, which does not include stock options.
The following is a list of those directors and their total compensation amounts: