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

Blue skies to continue in forecast for Williams Lake

Temperatures will hover below and above zero for the weekend, although there is a wind chill

VIDEO: Taking to the skies to protect moose in the Cariboo Chilcotin

Conservation Officer Service doubles patrols to oversee moose harvest

Province not doing enough for forestry sector, say Liberals

Although Minister of Forests says government working to diversify industry, rural economies

Dance in Common hosts A Visual Dance Art Show

Female artists from across Williams Lake came together to support Dance In Common last week.

VIDEO: Protected bighorn sheep killed in B.C. Interior

The sheep are considered a species of concern because of their low population in B.C.

VIDEO: The definition of a kilogram has officially changed

50-plus countries voted to a ground-breaking overhaul to the international system of measurements

Missing-persons list tops 600 in fire-stricken California

Disaster escalates as officials raised the death toll to 63

Deer carcasses don’t belong in green bins, says B.C. city

City of Nanaimo issues reminder to residents, saying fur isn’t compostable

B.C. couple helping wildfire evacuees in northern California

A planned holiday has turned into a humanitarian effort for a Penticton couple

$177,000 raised for BC Cancer Foundation in B.C. Interior

Luncheon supports patient and family emergency services for Southern Interior B.C. residents

Dead whale discovered on B.C. shore

The whale was discovered Friday morning near the BC Ferries terminal

‘This is gangster,’ bait car thief declares on video

Footage from Abbotsford gains attention on social media

Most Read