In the article Two Oil Economies, I mentioned Norway’s Government Pension Fund Global, the sovereign wealth fund that collects the nation’s oil and gas revenues. Based on last year’s average exchange rate, the fund is worth $1.2 trillion CAN.
As CEO, Yngve Slyngstad was paid the Canadian equivalent of $1 million in 2013. That was after a significant raise following two years of excellent returns. His remuneration over four years was less than $3 million.
Doug Pearce, until recently the CEO of British Columbia Investment Management Corporation, earned $1.8 million in the 12 months ended March 2014. His four year take was $5.7 million. Many of Pearce’s 13 Vice-Presidents earned more than Slyngstad.
One minor thing: Yngve Slyngstad manages funds ten times greater than the amount managed by bcIMC.