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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Saturday, March 14, 2009

Bonus-enhancing performance?

Apparently John Thain and his Wall Street cronies are not the only ones who fail to understand the concept behind performance bonuses.

The board of directors of Unitil Corp. a tiny Central Massachusetts utility no one ever heard of until its customers went without power for two weeks after a December ice storm, apparently thought Robert G. Schoenberger did a bang up job. The awarded him a nearly $300,000 bonus for "exceeding" 2008 performance goals.

The nearly $150,000 for week week of the outage that, you may recall, took place in 2008. But it's perfectly logical. The smallest percentage of his incentive award, 10 percent, was based on customer satisfaction, while the largest, 25 percent, was tied to company earnings.

No word on what Schoenberger purchased with the bonus. Or if the bonus would have jumped again if power had stayed out longer.

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