Avista exec compensation grows
Avista Corp. CEO Scott Morris’ total compensation increased by $250,000 last year, to $3.5 million, due in large part to the company’s improved financial performance, Avista said in a detailed report to Washington state regulators.
Of the $9.5 million paid to all company officers, about 42 percent came from customers’ rate payments in its three-state service area, Avista said in the report. That last figure was required by order of the Washington Utilities & Transportation Commission.
Washington customers, which represent Avista’s largest service territory, pay $2.4 million of the company officers’ $9.5 million in compensation through their rates. Idaho customers pay $1.2 million and Oregon customers pay about $560,000.
Morris received base pay of $662,000 in 2011, up from $630,000 the previous year, according to Avista’s preliminary proxy statement.
In addition, Morris — who is also chairman of the company’s board — was eligible for short-term and long-term incentive plans. Total compensation also includes the value of his pension and deferred compensation, $890,000, and $49,000 in employer matching funds, the report said.
Other executives’ total compensation reported to the state include:
* Mark Thies, senior vice president and chief financial officer: $945,000
* Dennis Vermillion, senior vice president and environmental compliance officer: $1.11 million
* Marian Durkin, senior vice president, general counsel and chief compliance officer: $911,000
* Karen Feltes, senior vice president and corporate secretary: $962,000