The British Columbia government has introduced changes to executive compensation in the public sector, including the province’s securities regulator. Changes include immediately freezing the compensation of all current executives, recruiting new senior executives at a salary 10 per cent lower than the incumbent, limiting executives to 85 per cent of CEO salaries, and phasing out incentive pay for new non-executive staff, as well as phasing out bonuses for new staff. Together, these measures will reduce overall compensation, deliver savings, and set an increased tone of restraint, says the government. It notes that many Crown corporations already meet some or most of these policies and if they don’t, their boards have to come up with plans by January 1 showing how they will align with the new policy.
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