BC’s provincial pension fund management agency employs about 150 staff. One-third of them earn more than $400,000 per year.
Washington State Investment Board, which manages more assets and has a superior record of investment returns, pays only two people more than $400,000, including their Chief Investment Officer who was paid $657,300 in the last reported year.
Regular readers will be aware that BCI has a long history of extravagant rewards to insiders. These measure 3x to 5x amounts paid to top people at the similar organization in Washington, one which manages more funds and has generally had superior investment results.
There is no real transparency or public supervision of BCI. Instead, a relative handful of tame people provide the appearance of oversight. One involved in the process admitted to me that a person who showed inadequate deference to internal group-think processes is soon unwelcome and replaced.
Categories: BC Investment