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

Man charged in Salmon Arm 7-Eleven fire granted bail

Accused facing arson charges released with 23 conditions including a 7 p.m. curfew

Outdoor ice rink opens in the North Shuswap

Those looking to skate in the fresh air can do so at Farrell’s Field in Celista

Man admits responsibility for 2016 death of Shuswap motorcyclist

Brian Watson, 60, died after being struck while riding his motorcycle on Squilax-Anglemont Road

Super blood wolf moon fills Okanagan skies, to photographers’ delight

Photographers had a rare chance Sunday to capture a rare lunar eclipse

Video: Snow Pitch Tournament a home run

Teams competed for softball supremacy on the snow-covered Finlayson Park ball diamonds

UPDATE: B.C. legislature managers accused of excessive travel, personal expense claims

Speaker Darryl Plecas’ report details ‘flagrant overspending’

‘Blue Monday’ isn’t real, but depression can be

CMHA encourages people to prioritize their mental health

Anti-pipeline group wants NEB to consider impact of emissions, climate change

Stand.earth filed NEB motion asking to apply same standard to the project as it did with Energy East pipeline

Parole granted for drunk driver who killed B.C. RCMP officer

Kenneth Jacob Fenton will be able to attend alcohol abuse treatment, nearly three years after crash that killed Const. Sarah Beckett

B.C. man charged in 2014 snake venom death of toddler

Henry Thomas was taking care of the North Vancouver girl the day before she died

B.C.’s largest public-sector union wants inquiry into money laundering, drugs

Union officials say Premier John Horgan and Attorney General David Eby have not ruled out the possibility of a public inquiry

Teen in confrontation with Native American: I didn’t provoke

Nick Sandmann of Covington Catholic High School said he was trying to defuse the situation

Former Kelowna city manager downplays possible Costco move

Ron Mattiussi says if store leaves for Westside, another big box retailer will likely take the site

Most Read