Wednesday, January 28, 2015

Public service: a rewarding career

This is a small piece of information learned in my recent examination of business in Norway.

In the article Two Oil Economies, I mentioned Norway's Government Pension Fund Global, the sovereign wealth fund that collects the nation's oil and gas revenues. Based on last year's average exchange rate, the fund is worth $1.2 trillion CAN.

As CEO, Yngve Slyngstad was paid the Canadian equivalent of $1 million in 2013. That was after a significant raise following two years of excellent returns. His remuneration over four years was less than $3 million.

Doug Pearce, until recently the CEO of British Columbia Investment Management Corporation, earned $1.8 million in the 12 months ended March 2014. His four year take was $5.7 million. Many of Pearce's 13 Vice-Presidents earned more than Slyngstad.

One minor thing: Yngve Slyngstad manages funds ten times greater than the amount managed by bcIMC.

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  1. And apparently he manages it ten times better. Imagine how well Norway would have done if they could afford to hire the BEST (like we here in BC do - you know, best Ferry Captain, best Investment guru, best.....etc.)

    I wonder if Norway is accepting applications to be Norwegian.

  2. I don't think Bc liberals are ever going to hire anyone from Norway or WSFerries.
    Way too embarrassing ?
    10 times the folio ,half the salary.hmmmm
    Top 4 at Bcf ,500k per annum?plus board of directors cost

  3. And just to add to the above comment, 4 Liberal HACKS just like EVERY other board, BC Hydro, Translink, ICBC.......

  4. The solution is simple. The Norwegian must be paid more.

    As the elites say, "A rising tide must lift all yachts."

  5. Isn't free enterprise great, got to love it? F*****g incredible. Those mouth breathers who voted these thieves in must be smiling now.

  6. Is the cost of living not a lot more in Norway as well?

  7. Anonymous @ January 29, 2015 at 9:00 PM:
    “Is the cost of living not a lot more in Norway as well?”

    Giving you the benefit of the doubt, assuming the question is genuine and not just at attempt to divert; yes the cost of living is more in Norway. In fact, depending on the source, Norway and Switzerland jockey for first and second highest cost of living.

    However, one stat does not a story make.
    Every report I’ve read puts Norway in the number one spot for standard of living and quality of life.

    But…this blog is comparing BC vs. Norway in resource management, not cost of living. If we compared that I think you might be surprised.

    I can’t find any stats on BCs ranking in the world order but, with BC’s cost of living being higher than the national average we may just be closing in on Norway.

  8. On December 31 2015, BC rich will get about a 1/5 billion dollar tax reduction ,every year, from 16.8 to 14.7 percent on those above 150k.

    A 1 percent increase in corporate tax rate from 11 to 12 percent would increase revenue by about 1/5 billion dollars a year.

    page 62 table 2.1



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