The cash bonus for the managing director of Contact Energy, David Baldwin grew up to its second highest since his appointment in the company in 2006. This hike in his payment was seen despite of the second lowest return on equity of the company in its sector.

The New Zealand listed electricity generator and retailer reported its annual report for 30th June of 2010, which showed that the utility is paying 297 of its 1050 staff more than 100,000 dollars in a year, which was up from 115 in the
12 months till the end of June in 2007.

The cash bonus for Mr. Baldwin rose up to 364,000 dollars in the 2010 fiscal year from 246, 00 dollars in the previous year.

This hike made the managing director of Contact Energy to take home a pay package of 1.2 million dollars up from 1.1 million dollars.

The energy firm has reportedly achieved an underlying return on the equity of investors of 5.4% in the last fiscal year which was very low in comparison to its rival companies like MightyRiverPower with 9.7% and Meridian Energy with 5.6%.