bcIMC

Not-Net-zero, on steroids

In 2016, the BC Liberal Government boasted that its four year program of executive salary restraint “demonstrates the effectiveness of ongoing measures to increase affordability, transparency and accountability in public sector compensation.”

Increases paid to senior managers in the public sector were to be “consistent with increases provided in collective bargaining agreements under the Economic Stability Mandate.”

Clearly, Liberals did not apply the policy universally.

If you are a member of a public service pension, you may know that retirement benefits have been cut in recent times. What has not been cut is remuneration of top executives at pension fund manager bcIMC, where it appears that compensation rises steadily, whether investment returns are good or bad. 

Executive compensation disclosures by bcIMC are limited to the five most highly paid officers.

Avg Top 5 480

top 5 480

Annual CEO 480

Webb 400

Flanagan 400

Atkins 400

Compare 400

The above chart shows remuneration paid the five highest paid employees for the 12 months ended December 31, 2016 (WSIB) and March 31, 2017 (bcIMC).

If the percentage increases of the last decade repeat in the next, the average salary of bcIMC’s top five executives will exceed $12 million each.

trend 480

Categories: bcIMC, Not-Net-Zero

8 replies »

  1. Have you been watching the similar service in Washington State, Norm?

    I recall earlier posts about the shocking comparison.

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    • Yes, I’m starting work on the bcIMC file. I asked them today if they would make disclosures of all material payments in an FIA or similar report.

      Washington State routinely publishes nearly all salaries of people employed in the public sector. WA records show five highest paid executives at the State Investment Board earned 1/4 of what their BC counterparts earned. WSIB now manage more funds than bcIMC and it has had a record of higher returns.

      Past history is that bcIMC has had a very high proportion of staff members earning high 6-figure salaries, including a number over $1 million. At WSIB, only one person earned more than $350,000 in the year ended December 2016.

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      • I have a feeling that everything associated with the previous government has been top-loaded for salary like this example.

        I wonder what state the various health regions are in with regard to executive salary trends.

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  2. Hello Norm:
    Will it be possible to track Christy Clark’s pension, benefits and consultant fees when she actually walks away from public life?
    Christy has stepped aside more times than a professional tap dancer. She waved goodbye to the BC Liberals with her middle finger.
    I think she is baiting her son for Conservative politics.
    Does anyone know if the Petronas LNG CEO has a daughter?

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  3. bcIMC, in our opinion, is THE most corrupt Crown Corporation in BC and essentially runs the BC Government from the shadows no matter who the Premier and Cabinet might be.

    bcIMC is BC’s “Deep State”.

    Both Andrew Weaver and John Horgan are afraid to investigate bcIMC (the 150 BILLION DOLLAR Elephant in the Room).

    I can personally attest to this from actual experience as I asked then both Weaver and Horgan some time ago to investigate bcIMC and they both refused.

    Just look at their name: bc is in lower case letter and IMC in Capitals for a reason:
    the Investment Management Corporation dominates… pillages the people of BC and has done so with impunity… since its inception.

    bcIMC partners… EDITED

    bcIMC, in our opinion, is an organized crime operation that must be shut down, broken up and returned to accountable, ethical BC Provincial Government control.

    Thanks for all your good work Norm.

    Best regards,

    John.

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  4. I’m not suggesting that we play a little catch-up — FAR from it — but how is it that this CEO gets about 5x the salary of the recently-departed (and very well paid) BC Hydro CEO?

    Time for some catch-down.

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  5. We should note that the trustees of the four statutory pension plans (College Pension Plan, Public Service Pension Plan, Municipal Pension Plan and the Teachers Pension Plan) are each responsible for appointing one director to the seven-member Board of Directors for bcIMC. They therefore have a majority on the Board.

    Compensation and other conditions of employment for the officers of bcIMC is determined by the three- member Human Resources and Governance Committee, which currently consists entirely of Public Pension Trustee Board appointees.

    Seems that the BCTF, BCGEU, and HSABC should be asked to explain this situation to their members.

    https://www.bcimc.com/about/boardofficers.asp

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  6. Wonder how much those executives donated to the B.C. Lieberals. Lets hope the new provincial government has a look at that because these excessive salaries come at the expense of the retirees.

    Well it would appear Lew Edwardson has the answer, perhaps the union members will start asking some questions.

    Like

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