Dr Davis left the company earlier this year, having served for 10 years as chief executive.

Aurora’s annual report showed that a single employee – who was not named – received a termination payment of $1,344,928, on top of a base salary of $506,815.

The employee, identified as Dr Davis in Parliament, was also paid a $101,114 bonus, and $60,343 in superannuation, bringing his total payments to $2,013,200.

Treasurer Peter Gutwein said the payment, which was approved by Aurora’s board, was too high.

‘‘I think Tasmanians will be very concerned by it –  we’re concerned by it,’’ he said.

Mr Gutwein said the government would be tightening regulations on government business enterprises to put a stop to other generous payouts. 

‘‘We’ve taken steps to ensure that  this type of payment can’t happen again,’’ he said.

Mr Gutwein said he had written to all GBEs to ensure that no similar payments were made before the changes could be brought in.

‘‘We’ve increased transparency with regard to annual reports so Tasmanians have a clearer picture of what’s going on across the suite of government enterprises,’’ he said.

Community and Public Sector Union   secretary Tom Lynch said he was not surprised by the figure.

‘‘It seems to be the way that executives at the top are happy to look after their already feathered nests, while the workers at the bottom feel the cuts,’’ he said.

Aurora’s annual report showed that the company made an underlying, before-tax profit of $83.1 million for the 2013-14 financial year, compared with $75.7 million in  the previous 12 months.

The company will deliver a record return of $70.7 million to the state government.

The state’s energy market was opened to competitors on July 1, and earlier this year  Aurora’s distribution arm and Transend were merged to form TasNetworks. 

The payout to former Aurora CEO Peter Davis:

Base salary: $506,815.

Termination payment: $1,344,928.

Short-term performance bonus: $101,114.

Superannuation: $60,343.

Total: $2,013,200.