by Cindy E. Harnett
Original Article: Click Here
B.C. Ferry Services board given $233,000 pay raise
Cindy E. Harnett
Saturday, April 12, 2008
B.C. Ferry Services board members are each receiving an $18,000 bump in pay for their services.
As of April 1, 11 directors saw a hike in their remuneration to $48,000 from $30,000. Board chairwoman Elizabeth Harrison received an increase to $140,000 a year from $105,000 in 2006.
With vice-chairman Thomas Harris receiving an additional $15,000 on top of his $48,000 annual stipend, that means the corporation will spend an extra $233,000 this year in raises for the board members and chairwoman, for a total of $683,000.
At the same time, on April 1, the corporation implemented a 7.3-per-cent fare increase on the major routes -- fare increases expected to go up every April 1 for the next four years.
"We need to attract and retain the best people as directors, with the business, legal and financial skills necessary to oversee the company," Harrison said.
Every two years Hewitt Associates, a firm dealing in human resource issues, compares 17 companies and recommends the board compensation fee -- with instructions to stay at or below the mid-point of the comparative group, Harrison said. The latest hike is below the average, she said.
However, Harrison, a Vancouver lawyer, admits she would not resign if her pay had not increased this year.
Five new members announced yesterday are: Donald Hayes of Victoria, president of Hayes Forest Services Ltd.; Mark Cullen of Vancouver, a retired vice-chairman of RBC Dominion Securities; Christopher Gardner of Vancouver, vice-president of Strategic Planning and Corporate Development for The Britco Group; Brian Kenning of Vancouver, director on the board of B.C. Railway Company; and Wayne Stoilen of Delta, a former executive vice-president of Canadian Stevedoring Company.
Outgoing board members are Sandy Fulton, John Henderson, Doreen Hewitt and Robert McCaskill.
© Times Colonist (Victoria) 2008
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