The provincial government is preparing to introduce legislation in the House of Assembly that would eliminate bonuses at Nalcor.

The proposed changes would be to the Energy Corporation Act and would give government the authority to change remuneration and terms of service agreements, and require Nalcor’s objectives to be carried out in accordance with provincial government priorities.

Industry, Energy, and Technology Minister Andrew Parsons says at this point this is about “bonuses being removed completely.”

The payment of bonuses at Nalcor & its subsidiaries is an issue of public concern, especially given our fiscal situation. Proposed amendments debated today provide the authority to alter compensation for Nalcor et al. Here is the legislation – https://t.co/mU5s3e1Dn0 @IET_GovNL

— Andrew Parsons (@Andrew_Parsons1) April 21, 2021

Concerns have been raised for the past few years about huge bonuses being given to high-ranking Nalcor executives.

Parsons says he is not against the concept of bonuses per se, but he did not appreciate that while Muskrat Falls was going over budget bonuses were still being handed out. He says this legislation would allow the government to put such things in line, noting that the province’s fiscal situation is the main driver behind the proposed changes.

Parsons says that every bit of money they can save counts, and ultimately what they’re doing is setting priorities and taking responsibility.

As for taking money out of the pockets of Nalcor executives that they have come to expect, the minister goes back to an old phrase: “this isn’t personal, it’s just business,” it has nothing to do with his appreciation for Nalcor executives, but is about doing what’s right for Newfoundlanders and Labradorians.