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…

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…

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 […]

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 – […]

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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 […]

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, […]

The tobacco industry is being sued by Canadian provinces that aim to recover more than $100 billion in healthcare costs associated with tobacco related illness. British Columbia is one of the plaintiffs. […]