The Insurance Corporation of B.C. is reining in performance pay – just days after the chiefs of British Columbia’s Crown corporations were hauled in a boardroom for a lecture on how unhappy the government is with executive pay and perks.
“ICBC has taken what I consider to be a very positive step,” said Shirley Bond, the minister responsible for public sector employers, after the corporation announced it will tie bonuses to profitability in the future.
Ms. Bond said she met with the boards of the province’s Crown corporations last week to lay out her government's financial priorities. She delivered a firm reminder that there has been a public backlash to recent revelations about compensation for Crown executives.
“Crown corporations are governed by boards. We challenged the board chairs to look at circumstances and to look at how British Columbians feel – and how the government feels – about bonuses and about executive compensation,” she said Wednesday.
“We’re not in a position to direct those Crowns but we certainly clearly outlined our concerns and the concerns we’ve heard from British Columbians.”