Actuaries advised teachers about a year ago that their pension contributions were rising (again) because the plan had an unfunded liability of $855 million, up from $289 million two years before. One of the reasons was underperformance of the investment portfolio. Other pension contributors in public service — excepting senior executives and politicians — also faced higher contributions for the same reasons.
However, underperformance of investments was not much on the minds of the people feeding at the trough of the BC Investment Management Corporation. The lack of restraint speaks for itself. (Note: Executive compensation reports provide information for only five individuals. A blank means the income was unreported for that year.)
Last September, CBC reported Wealthiest 1% earn 10 times more than average Canadian. Based on Statistics Canada reports, the article says the median individual income in Canada was $27,600. Our nation’s very rich — the top 1% — earned $191,100 and more.
In fiscal year 2014, five bcIMC executives averaged 42 times the median income and six times the amount that puts them in the top 1%. The lack of restraint at the top spreads throughout the organization too. bcIMC has a staff of about 175 people and almost 2/3 earn more than $100,000 a year.
Categories: BC Investment