ICBC execs receive over $250,000 in bonuses despite tremendous losses

Cars in Vancouver. (Urban Napflin / Shutterstock)

Several months ago, ICBC executives received a sizeable bonus for the 2017-2018 fiscal year, despite a situation at the Crown Corporation that Attorney General David Eby called a “financial crisis.”

Last February, Eby blamed the financial chaos on “years of reckless decisions by the previous government.”

And yet, despite the financial turmoil, a handful of company executives scored a hearty bonus as part of their incentive plan compensation.

The highest paid bonus went to the Chief Investment Officer, who received close to $50,000. The next highest paid bonuses went to the Chief Financial Officer and Vice President of Claims and Driver Licensing, who both received $45,834. The lowest bonus went the former Chief Financial Officer, who earned $36,851.

In total, six company executives received bonuses totalling in over $250,000.

The corporation expected to lose $1.3 billion at the end of the fiscal year, which they blamed on a rapid increase in the number of crashes across the province. ICBC also cited a rise in older claims becoming larger and much more costly — some costing hundreds of thousands of dollars each.

According to the Ministry of the Attorney General, in addition to working down the cost of insurance, Eby and his team have been working to lower the sizeable bonuses received by ICBC staff.

“The Ministry of Attorney General is working with ICBC to get costs under control, which includes executive compensation,” said Eby in an email to Daily Hive.

“We’re mindful of existing contracts signed between ICBC and employees of the corporation, and we’re working with the Public Sector Employers Council and with the Human Resources Council to ensure we’re acting properly while addressing the situation.”

See also