VANCOUVER (NEWS 1130) – As more costs are passed on to the public to cover ICBC’s ballooning debt — and rates are expected to rise 6.3 per cent in 2019 — one executive will still be taking home a bonus at the end of this year.
ICBC’s Chief Investment Officer Alison Gould’s total compensation of nearly $370,000 includes nearly $50,000 for meeting investment targets. Gould is the only executive that will be receiving a full salary this year, a figure that includes a bonus for meeting targets. Last year five executives took home bonuses over $40,000 and a sixth with a bonus over $30,000.
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As more costs are passed on to the public, Attorney General David Eby says executives are still entitled to their bonuses.
“ICBC compensation is at its lowest level since 2012. They don’t get bonuses, the issue is they don’t get their full salary if they don’t hit the targets,” he says. “There was only executive member that got their full salary this year, and that was executive member that’s responsible for ICBC’s investments, because she met her targets in making money from the investments. So there have been big changes.”
ICBC’s current President and CEO Nicolas Jimenez collects more than $380,000 a year. The Crown Corporation’s former president took home more than $500,000 in 2011.
Jimenez says ICBC has fewer managers than five years ago.
“Our model of delivery is just cheaper by virtue of our size. If you go to a private carrier, you will see, in every case, costs associated with running that company more-so than it is to run our company,” he says. “Fewer executives, and they’re getting paid less.”
Last year’s compensation for ICBC executives, April 1, 2017 – March 31, 2018. Full report here