The province has unveiled new rules aimed at curbing lavish compensation for Crown corporation executives.
Effective immediately, compensation for current executives will be frozen, and moving forward, the province will go to a pay-holdback model instead of a bonus system.
That means up to 20 percent of their salary will be held back and paid out only if targets are met.
Plus, new executives will be recruited at a salary ten percent lower than their predecessors, and executives can only earn a maximum of 85 percent of their CEO’s salary.
The new rules won’t apply to every Crown corporation, though.
BC Ferries, Translink, the BC Investment Management Corporation and the BC Pension Corporation aren’t covered by the new rules, because most their boards are not appointed by government.
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