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

Syrup commercially produced from Summerland maple trees

Maple Roch produces 50 bottles of syrup after trees in the community were tapped

Photos: Saddle broncs and bullriders raise the dust in Similkameen

The 54th annual Chopaka Easter Jackpot Rodeo took place near Keremeos Sunday

Rising country stars to perform at Penticton Peach Festival

Black Mountain Whiskey Rebellion opens for Emerson Drive on PeachFest country night

New guide helps South Okanagan homeowners tackle climate change

Building Climate Resilience in the Okanagan covers wildfire and flood saftey, climate change & more

Sunshine Foundation DreamLift trip won’t take off from Kelowna, fundraiser cancelled

Papa John’s ‘Dreams for Kids Day’ fundraiser to be rebranded

First her door mat and now unwanted guests poking around at midnight

Penticton woman catches somebody sneaking around her property on a surveillance camera

12-year-old hit at Glenmore intersection

The scene has been cleared

Federal funding helps South Okanagan women safely leave sex trade

The SAFE eXiting from the Sex Trade program helps women

VIDEO: Driver in bizarre hit-and-run at B.C. car dealership turns herself in

Police believe alcohol was a factor in incident causing estimated $15,000 in damages

Man caught with sawed-off shotgun in Salmon Arm enters guilty plea

A Feb. 2018 traffic stop led to the initial arrest of 34-year-old Wayne Blood

New restaurant on The Rise in Okanagan

Multi-million dollar project plans for a 30,000 square foot multi-amenity building with the restaurant and bar

A Kelowna woman who’s more than her rap sheet

Victimized by systems suppose to help, a woman tries to fix her life

Plugged in: Kelowna teen thriving with professional eSports U.S. team

Russel Van Dulken turned his love and skills of gaming into a career

New parkade and payment system at Penticton Regional Hospital

New payment system will require license plate number

Most Read