ICBC bosses' bonuses conditional in 2012
No full bonuses unless Crown corporation's profits hit $217 million
ICBC managers will have to hit clear performance targets to earn their bonuses in the coming year, in a strategy the minister responsible says has been suggested to all B.C. Crown corporations.
In the past, managers at the insurance corporation were rewarded, in part, for individual performance.
The corporation paid out $17 million in management incentives in 2010.
But from now on, those bonuses will be linked to the bottom line, said ICBC spokesman Adam Grossman.
"What we've done is introduce a financial trigger to our performance pay plan that will be tied to our net income," said Grossman.
No managers will get any bonuses if ICBC makes less than $35 million, and they won't get full bonuses unless the corporation hits its target of a $217-million profit.
The minister responsible, Shirley Bond, said that given the economy and the financial plight of many B.C. residents, the government has advised Crown corporations to find efficiencies.
"What we did was challenge the board chairs to look at circumstances and look at how British Columbians and how the government feel about bonuses and about executive compensation," said Bond.
Bond said the government has been offering advice to ICBC, but directors reached the decision on their own.
With files from the CBC's Jeff Davies