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.
鈥淲e have a new CEO at ICBC who has a different contract,鈥� Eby said Thursday. 鈥淎nd as senior executives move out, we鈥檙e evaluating their roles, whether they鈥檙e necessary. We鈥檝e also restructured significantly, to allow us to operate with fewer executives, and that鈥檚 one of the reasons why executive compensation is lower now than it was, despite inflation.鈥�
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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
鈥� 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 company鈥檚 investment performance.
鈥淓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,鈥� Eby said. 鈥淏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.鈥�
tfletcher@blackpress.ca
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