Energy Fiji Limited (EFL) reported a significant increase in payments to its board directors, with total compensation rising to $46,542 for 2024, compared to $12,667 in 2023. This information was disclosed in EFL’s annual report, which was presented in Parliament last week.
The report listed the board members for 2024 as Rokoseru Nabalarua, who took on the role of Chairman in January 2024, along with several others: Daksesh Patel (who resigned in April 2024), Chitoshi Fukuda, Shiri Gounder (who also resigned in April), Koichi Tsunematsu (resigned in March), Gardiner Henry Whiteside, So Horikiri (resigned in March), Fatiaki Gibson, Akira Irie, Rhea Chand, and Tsutomu Fujita, all appointed in various capacities throughout 2024.
During the year, the board convened for six meetings, reflecting ongoing governance efforts as EFL navigated challenges in the energy sector.
The increase in directors’ compensation aligns with EFL’s broader financial adjustments, including an uptick in management personnel payments to $3.3 million in 2024 from $2.9 million in 2023, as noted in similar reports. This upward trend in remuneration comes amid efforts to enhance leadership amid financial pressures, with EFL previously encountering substantial operational costs and high fuel expenditures.
As EFL gears up for a transition towards increased sustainability, this could represent a turning point for the company under its incoming leadership. With Fatiaki Gibson recently appointed as CEO, there are expectations for innovative strategies focused on advancing renewable energy initiatives, aiming for 90% renewable energy by 2035. Such commitment reflects a hopeful outlook for improving energy efficiency and sustainability practices, potentially benefiting the entire Fijian community.
This period of financial re-evaluation and leadership change brings with it opportunities for EFL to strengthen its approach to renewable energy, ensure reliable power supply, and better serve the public.
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