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.
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.