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.

BC legislatureICBC

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Imagination Library Fraser Valley celebrating Christmas in July

Dolly Parton early literacy intiative looking for financial support to help with waitlist

MS Bike fundraiser goes virtual in midst of pandemic

Fraser Valley event in Abbotsford and Langley among those usually held every year

PHOTOS: Readers are proud of their cats

Abbotsford News asked people to share photos of their feline friends as part of National Kitten Day

Abbotsford musician Liam Pasiciel releases fourth album

Plant of Creation is entirely instrumental and moves beyond his ‘metal’ roots

Exercise and cancer to be explored via webinar

UFV’s Dr. Iris Lesser to lead Zoom event for cancer patients and supporters

B.C. sees 25 new COVID-19 cases, community exposure tracked

One death, outbreaks remain in two long-term care facilities

VIDEO: Vancouver Island cat missing 18 months reunited with family

Blue the cat found at Victoria museum 17 kilometres from home

VIDEO: Alberta man rescues baby eagle believed to be drowning in East Kootenay lake

Brett Bacon was boating on a lake in Windermere when he spotted the baby eagle struggling in the water

Police nab three impaired drivers in one night in Maple Ridge

Ridge Meadows RCMP served 80 impaired driving infractions in June

Conservationists raise concerns over state of care for grizzly cubs transferred to B.C. zoo

‘Let them be assessed now before their fate is sealed,’ urges B.C. conservationist Barb Murray

B.C.’s COVID-19 job recovery led by tourism, finance minister says

Okanagan a bright spot for in-province visitor economy

National Kitten Day aka the ‘purrfect’ day to foster a new friend

July 10 marks National Kitten Day, a special day to celebrate all things kittens

Lower Mainland YouTubers claim to be Kelowna display toilet ‘poopers’

RCMP can not speak to legitimacy of video, will be investigating

Haida matriarchs occupy ancient villages as fishing lodges reopen to visitors

‘Daughters of the rivers’ say occupation follows two fishing lodges reopening without Haida consent

Most Read