ICBC president Nicholas Jiminez. (Black Press files)

Pay, bonuses for ICBC executives being reduced, David Eby says

Positions reviewed as management contracts expire

There are fewer executives at the Insurance Corporation of B.C. than two years ago, and their total pay packet is coming down, Attorney General David Eby says.

Eby was commenting on the release of records showing total compensation for the top three ICBC executives was about $1 million in the current fiscal year, including the pay and bonus for former CEO Mark Blucher, who was replaced in late 2017.

“We have a new CEO at ICBC who has a different contract,” Eby said Thursday. “And as senior executives move out, we’re evaluating their roles, whether they’re necessary. We’ve also restructured significantly, to allow us to operate with fewer executives, and that’s one of the reasons why executive compensation is lower now than it was, despite inflation.”

RELATED: Three departed ICBC executives paid $1 million last year

RELATED: ICBC to cap pain and suffering payouts to stem losses

Executive pay has been a hot-button issue with the public as ICBC has raised rates, but it is a small fraction of the increased costs that have driven an anticipated $1 billion deficit to the corporation. Accident and injury claims have soared, prompting the B.C. government to impose a cap on minor injury payouts that takes effect next year.

The highest paid employee last year was not interim CEO Nicholas Jiminez, who has since been confirmed in that role. Geri Prior, the former chief financial officer, earned $415,685 in total compensation, including bonuses for the company’s investment performance.

“Executives have different roles, so for example the executive in charge of investments at ICBC hit the targets that were set by the previous administration, so got full bonus under her contract that they had signed with her,” Eby said. “But for executives responsible for the operations of ICBC, none of them received their full bonus this year, because obviously the financial performance of the corporation was not adequate.”


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Cranbrook Tritons prepare for international swim meet

Two local swimmers will compete against the best at the Mel Zajac Jr. International Swim Meet

Cranbrook Eagles victorious in Rock Creek

Three Eagle boxers won their matches at Rumble in Rock Creek

‘Bike to School Challenge’ set for next week

Students encouraged to get on their bikes and ride to school between May 27-30

Kootenay youth substance use trending downward: survey

A bi-annual survey distributed to regional schools shows that youth substance use is decreasing

Cranbrook coalition aims to increase food recovery

Cranbrook produces an annual estimated 21 million pounds of food waste, according to the coalition

600 new campsites coming to provincial parks and recreation sites across B.C.

Tourism Minister announced half of the new spots to 13 most popular provincial parks

Weed Warrior Frank: Dandelions

The Weed Warrior returns for 2019 with some helpful information on dandelions

Raptors beat Bucks 105-99 to move within 1 game of NBA Finals

Leonard scores 35 as Toronto takes 3-2 series lead over Milwaukee

Municipalities protest after B.C. declares marijuana crops ‘farm use’

UBCM president seeks answers in letter to John Horgan government

CMHC defends mortgage stress test changes amid calls for loosening rules

Uninsured borrowers must now show they could service their mortgage if rates rose two per cent

B.C. woman left ‘black and blue’ after being pushed off 40-foot cliff at lake

West Shore RCMP looking for witnesses as investigation continues

Thunderstorms to bring heavy rain, risk of flash floods in the southern Interior

Ten to 30 millimetres of rain to fall over the early weekend

Unbe-leaf-able: Agassiz man finds more than 200 four-leaf clovers in a month

Walt Hardinge has found more than 219 four-or-more leaf clovers this spring alone

Crews fight fire with fire to keep blaze from northern Alberta town

The wildfire now covers some 920 square kilometres

Most Read