Emera CEO's pay surpasses $5M in 'transformational' 2016
Numbers release ahead of annual shareholder meeting for Nova Scotia Power's parent company
Emera Inc. CEO Chris Huskilson saw his total compensation jump by $710,000 last year, up 16 per cent to more than $5 million.
Huskilson's big bump was a reward for what the company calls a "transformational" 2016, which was highlighted by the acquisition of Florida-based utility TECO Energy Inc.
The figures were disclosed Thursday in a management information circular, released in advance of Emera's annual shareholder meeting in May.
The $10-billion TECO deal effectively doubled the size of Emera, which is the parent company of Nova Scotia Power.
Execs with raises at Emera, Nova Scotia Power
Emera's other top four executives — Scott Balfour, Greg Blunden, Nancy Tower and Rob Bennett — also saw compensation increases in 2016.
At Nova Scotia Power, the top job in 2016 was split between Robert Hanf and Karen Hutt, who took over on Aug. 1.
In 2016, Hanf took home $830,351 as president and CEO. Hutt was paid $678,313.
Hutt spent the first seven months as vice-president of merger and acquisitions at Emera, where she picked up a $118,125-bonus for her role in the TECO deal.
Breaking down Huskilson's big bump
Huskilson has been the president and CEO of Emera since 2004. He joined Nova Scotia Power in 1980.
In 2016, his base salary rose by $120,000 to $995,000. Stock options jumped by $350,000 to $1.4 million. He received a share-based bonus of $1.4 million and a cash bonus of $1.2 million.
Huskilson has maxed out his pension, which will be $650,000 a year when he retires.
What Emera's top deputies got
In the Emera corporate pecking order, chief operating officer Scott Balfour rung up $2.1 million in 2016, up almost $500,000 from 2015.
Emera US Holdings Inc. CEO Rob Bennett was next at $2.07 million, up $455,000.
Chief corporate officer Nancy Tower made $1.63 million, followed by chief financial officer Greg Blunden at $1.06 million.