Pensions are something that young people spend little time thinking about, while for seniors, it is an important subject. Individuals young and old have little knowledge of how pension funds are invested, and almost zero influence on the choices made by people who manage funds that measure in the trillions of dollars…
Times might be tough for many in British Columbia, but executives managing public pension funds are doing okay. Even better than okay. The British Columbia Investment Management Corporation (BCi) looks after public pension funds. It is the most rewarding place to work in BC’s public sector. Most rewarded is CEO Gordon Fyfe. According to the 2023 Annual Report, he scored a single-year raise of $947,146. That was better than his measly $510,589 raise in the previous year.
Pension managers got huge salary increases; pensioners pay a price. The fiscal year that ended March 2020 was not a rewarding one for public pension funds run by BC Investment Management Corp. The rate of return earned was less than half that of the preceding year and failed to meet client benchmarks. While current and future pension beneficiaries did poorly, the people running BCI did swimmingly well. Regardless of whether investment returns are above or below conveniently flexible benchmarks, massive salary increases are given. For pensioners, this fits the old quip, “Heads they win; tails we lose.”
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 has generally had superior investment results…
Salaries have risen dramatically for years at BCi, the province’s public pension funds manager. Current and future pension beneficiaries are treated as rubes with pockets to be picked. The amount paid the company’s CEO increased 430% since 2007. But others have done well too…
BC Investment Management Corporation (BCI), the public pension fund manager in this province increased compensation costs by 30% per dollar of funds managed in fiscal year 2017-2018. It already paid extravagant salaries before this latest fiscal year…
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.
In its last fiscal year, BC Investment Management Corporation (bcIMC) paid its top five executives $7.25 million. In its last fiscal year, Washington State Investment Board (WSIB) paid its top five executives $1.76 million. In Victoria, CEO Gordon Fyfe is paid almost five times the amount paid Gary Bruebaker, WSIB’s Chief Investment Officer…
BC Gov't pension managers invest over $125 billion without any stated plan to invest ethically. #bcpoli #climatechange — Norm Farrell (@Norm_Farrell) November 3, 2015 //platform.twitter.com/widgets.js BC Gov't pension investment managers placed nearly […]
The legal processes may be slow but that provides years of opportunity for people devoid of morality and ethics to speculate in stockholdings of the merchants of death. In the 1990s, the […]
In Thursday’s CFAX session, I talked with Ian Jessop about British Columbia’s pension fund management agency. bcIMC has had attention here before and the graphs below represent information from the recently released […]
The audio file below is a recording of my time with Ian Jessop August 13. We talk about bcIMC, provincial debt and other matters. .
Thousands of BC government employees lost jobs to privatization and service cuts. Even more lost income through reductions in employment and pension benefits and, with efforts to reduce public services continuing – […]
//storify.com/Norm_Farrell/bc-investment-management-corp/embed//storify.com/Norm_Farrell/bc-investment-management-corp.js[View the story “BC Investment Management Corp.” on Storify]
This is a small piece of information learned in my recent examination of business in Norway. In the article Two Oil Economies, I mentioned Norway’s Government Pension Fund Global, the sovereign wealth […]
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 […]
I’ll be talking with Ian Jessop, Monday June 9, on CFAX1070. While the BC Government lays seige to public education, it seems a good time to see if all the cupboards are […]
Reprinted from August 2013: Anonymous reader argued through earlier comments that comparisons between BC Investment Management Corporation and Washington State Investment Board are inappropriate “apples and oranges.” The person attempted to justify […]
A Vancouver Sun article recently offered a few outdated items about salaries paid to executives of the British Columbia Investment Management Corportion (BCimc). It was a public relations piece devoid of detail, […]
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