Auditor general reports on NB Power early retirement program

FREDERICTON (GNB) - Auditor General Paul Martin tabled a report in the legislative assembly today that includes a review on the design, implementation and outcomes of NB Power’s 2022 early retirement program.

Martin’s report noted a lack of demonstrated value for money, inadequate governance and oversight, and discrepancies in the application of program rules.

The review found program documentation overstated savings with a lack of adequate information provided to the board as part of decision making.

Martin said some employees who accepted the early retirement package were then brought back on contract to NB Power and “plan of establishment” numbers have not decreased as intended.

“Our work revealed significant gaps in the design and implementation of NB Power’s early retirement program,” said Martin. “It is crucial that NB Power addresses these issues to ensure that financial decisions are based on sound analysis and thorough oversight.”

The auditor general provided 5 recommendations to NB Power. The report is available online.

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