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

Two boys, one man arrested after gunfire along Surrey highway

Surrey RCMP say no one was hurt in the incident, which is not believed to be connected to drug trade

Surrey Falcons females win Bantam provincial hockey banner, place second in Peewee final

‘We told the girls that everyone had to contribute for us to be successful,’ head coach says

VIDEO: Dramatic fire destroys Surrey home

A man, woman, two dogs, a cat and kittens made it out safely

South Surrey wrestler wins pair of national titles

Ana Godinez Gonzalez tops field at junior, senior championships in Saskatoon

Delta asking for joint provincial-federal review of ‘cashless casinos’

Call for system to prevent money laundering comes as construction is set to begin on Ladner casino

Edmonton judge rules Omar Khadr’s sentence has expired

Eight-year sentence imposed in 2010 would have ended last October had Khadr remained in custody

B.C. river cleanup crew finds bag of discarded sex toys

Chilliwack volunteers stumble on unexpected find while removing 600 lbs of trash from riverway

Trudeau sells housing plan in visit to hot real estate market in B.C.

Trudeau said the budget contains measures to help first-time buyers

Norway opens probe into why cruise ship ventured into storm

The Viking Sky was headed for southern Norway when it had engine problems on Saturday afternoon

Crash threatens Vancouver shipyard’s schedule for new coast guard ships

The delivery of the vessel was already years overdue

Fired B.C. farmland commission chair backs NDP rule changes

Richard Bullock agrees with Lana Popham, ALC records don’t

Kamloops chamber of commerce director let go after controversial Facebook posts

Facebook account had derogatory comments about Muslims, Justin Trudeau

B.C. RCMP officer cleared after Taser incident seriously injures woman

Woman with knives refused to comply with orders therefore officer used appropriate level of force

‘Bikinishe’ swimwear retailer prompts Better Business Bureau warning

Watchdog has gotten dozens of complaints about company, which has been using fake Vancouver address

Most Read