Denise Hanrahan says the report also identified several areas of concern around operating expense and oversight processes.
Auditor General, Denise Hanrahan, delivered a performance audit report on the Oil and Gas Corporation (OilCo) to the House of Assembly yesterday. Hanrahan says the report concluded that OilCo did not manage employee compensation in accordance with government direction, and did not ensure the best possible use of public money. She says the report also identified several areas of concern around operating expense and oversight processes. Hanrahan says the report comes with recommendations. She says “ OilCo’s refusal to align its employee compensation and benefits policies and practices with government whenever possible, has meant the corporation has incurred unnecessary and excess expenses.” The Auditor General issued two performance audits on Nalcor Energy in 2022 - the first focused on discretionary expenses, conflict of interest, and embedded contractors; the second focused on employee compensation. However, because OilCo was not a separate entity at the time of the Nalcor audits, a separate audit was necessary to assess the new organization against the same audit areas. The full report as well as an audit overview can be found by visiting. www.ag.gov.nl.ca.
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