BC Ferries CEO could get $314K pension
CBC News
Posted: Jul 6, 2011 7:18 PM PT
Last Updated: Jul 6, 2011 7:25 PM PT
New documents released by BC Ferries reveals that CEO David Hahn will receive supplemental pension benefits three times the value of the public service pension he'll also get when he retires.
A Statement of Executive Compensation filed by BC Ferries with securities regulators June 27 lays out Hahn's total compensation package, including his two pensions.
His B.C. public service plan will pay Hahn $77,000 a year and a special supplemental benefit will add another $237,000 annually for a total of about $314,000 every year if he works to age 62.
Hahn earns a total take-home income of about $1 million, including incentives — an amount which has drawn criticism in the past as too high, given other comparable Crown corporation salaries.
Trades shots with NDP
The B.C. NDP says the provincial government needs to step in.
"[Premier] Clark said in her leadership campaign she felt some of the salaries of BC Ferries were unacceptably high, and they are unacceptably high for the CEO, which is clear," Opposition Leader Adrian Dix said Wednesday. "So, what is she going to do? Is she going to take action?"
Hahn isn't apologizing, and says the NDP is partly responsible.
"I didn't set my compensation. That was set by the board of directors," Hahn told CBC News. "I know that [the NDP] are always talking on and on about my salary, but if they'd managed the company properly in the 10 years before I got here, I wouldn't be here."
The province has already made legislative changes to prevent BC Ferries from offering benefits as high as Hahn receives to future CEOs.
Hahn has a signed contract that cannot be altered retroactively.
With files from the CBC's Stephen SmartShare Tools
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