Tuesday, July 22, 2014

In the land of Not-Net-Zero

Actuaries advised teachers about a year ago that their pension contributions were rising (again) because the plan had an unfunded liability of $855 million, up from $289 million two years before. One of the reasons was underperformance of the investment portfolio. Other pension contributors in public service — excepting senior executives and politicians — also faced higher contributions for the same reasons.

However, underperformance of investments was not much on the minds of the people feeding at the trough of the BC Investment Management Corporation. The lack of restraint speaks for itself. (Note: Executive compensation reports provide information for only five individuals. A blank means the income was unreported for that year.)

bcIMC's Five Highest Paid Execs

Last September, CBC reported Wealthiest 1% earn 10 times more than average Canadian. Based on Statistics Canada reports, the article says the median individual income in Canada was $27,600. Our nation's very rich — the top 1% — earned $191,100 and more.

In fiscal year 2014, five bcIMC executives averaged 42 times the median income and six times the amount that puts them in the top 1%. The lack of restraint at the top spreads throughout the organization too. bcIMC has a staff of about 175 people and almost 2/3 earn more than $100,000 a year.

BCiMC Salaries Above 100K

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  1. How do you justify these public sector wages- defer to bc ferry/ bc Hydro.?

  2. F....ing incredible. Good work Norm.
    I find I have to get up and walk around for a while after I see shit like this. Good God, what is wrong with the people of BC for putting these cretins back in power.


  3. John's AghastJuly 23, 2014 at 9:48 AM

    Af....ing Amazing!
    Thank Goodness we have a 'Balanced Budget'! Otherwise, can you imagine where these numbers would be?

    What if someone leaked this information to the 'official opposition'? Think it would do any good? Any harm?

    1. a balanced budget? BWAHAHAHAHAHAHAHAHAHAHA

  4. What opposition?

  5. The NDP seem to be in a stupor, they really don't want to be in politics.



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