Charmaine de Silva | Email news tips to charmaine.desilva@corusent.com
8/16/2012
A review of ICBC reveals the insurer has an inflated management team, better compensated than most others in the public sector.
Over the past five years compensation for ICBC senior managers has jumped 70-percent, while the number of senior managers increased 41-percent.
Finance Minister Kevin Falcon says government didn't notice, because rates either dropped, or increases were small.
"We accept full responsibility for that...so I don't want to be cute about this. This is something that I accept responsibiilty and government accepts responsibility for."
Recommendations include reducing the management team to 2008 levels -- which means between 165 and 195 jobs will be cut over the next two years.
New executives must also be paid 10-percent less than their predecessor, under new executive compensation guidelines announced last month.
As the review of ICBC is released, comes news its C-E-O is leaving.
ICBC Chair Paul Taylor says jon schubert is resigining his post as CEO as of November 15th.
"We've decided by mutual agreement, in the interests of the report we've received, that we are going to make this change."
But Schubert isn't leaving the organization altogether.
He'll stay on as an advisor to the board until June, receiving the same salary he has been until then.
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