There are fewer executives at the Insurance Corporation of B.C. than two years ago, and their total pay packet is coming down, Attorney General David Eby says.
Eby was commenting on the showing total compensation for the top three ICBC executives was about $1 million in the current fiscal year, including the pay and bonus for former CEO Mark Blucher, who was replaced in late 2017.
B次元官网网址淲e have a new CEO at ICBC who has a different contract,B次元官网网址� Eby said Thursday. B次元官网网址淎nd as senior executives move out, weB次元官网网址檙e evaluating their roles, whether theyB次元官网网址檙e necessary. WeB次元官网网址檝e also restructured significantly, to allow us to operate with fewer executives, and thatB次元官网网址檚 one of the reasons why executive compensation is lower now than it was, despite inflation.B次元官网网址�
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Executive pay has been a hot-button issue with the public as ICBC has raised rates, but it is a small fraction of the increased costs that have driven an anticipated $1 billion deficit to the corporation. Accident and injury claims have soared, prompting the B.C. government to impose a cap on minor injury payouts that takes effect next year.
Fewer executives, fewer bonuses at this year says
B次元官网网址� Tom Fletcher (@tomfletcherbc)
The highest paid employee last year was not interim CEO Nicholas Jiminez, who has since been confirmed in that role. Geri Prior, the former chief financial officer, earned $415,685 in total compensation, including bonuses for the companyB次元官网网址檚 investment performance.
B次元官网网址淓xecutives have different roles, so for example the executive in charge of investments at ICBC hit the targets that were set by the previous administration, so got full bonus under her contract that they had signed with her,B次元官网网址� Eby said. B次元官网网址淏ut for executives responsible for the operations of ICBC, none of them received their full bonus this year, because obviously the financial performance of the corporation was not adequate.B次元官网网址�
tfletcher@blackpress.ca
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