Board of Director Compensation

BC Ferry Board of Directors Compensation

	1981 – 1996	2001	2004	2008
Chair	$4000	$30,000	$75,000	$140,000
Director	$3000	$15,000	$16,500	$35,000
Meeting Chair	$500	$750	$1,000	$1500
Meeting Director	$200	$750	$1,000	$1500
Teleconferance under ½ hour	$100	$375		Unknown
Teleconferance over 1/2hour full pay	Full pay	Full pay	$500 up to two hours in length	Unknown
Breakfast	$13.50	$13.50	Unknown	Unknown
Lunch	$13.50	$13.50	Unknown	Unknown
Dinner	$22.00	$22.00	Unknown	Unknown
Vice Chair, also Audit and Finance Committee Chairs			Additional $10,000	Vice Chair makes $48,000
Other Chairs of a Committee			Additional $5,000	Unknown

 

“The BCFS Board Directors’ remuneration was also higher than public sector organizations we compared against, and the retainer fee portion, which was most of the remuneration, was three to five times higher than permitted under a Treasury Board (TB) directive governing BC Crown Corporation Board compensation (although BCFS in not obligated to abide by TB directives because it is not a Crown Corporation.).

Our concerns regarding BCFS’ compensation are compounded by the fact the BCFS Board sets its own compensation and approves the executive compensation without accountability to the independent Authority (shareholder).”

Report on Review of Transportation Governance Models – October 2009

The Office of the Comptroller General

 

So out of that review…

Director Compensation: Effective October 1, 2010

“On June 24, 2010, certain sections of Bill 20 were brought into force which amended the Coastal Ferry Act.  Among other things, Bill 20 changed the mandate of the B.C. Ferry Authority to include responsibility for approving and establishing the compensation plan for the Directors of BC Ferries, the remuneration provided under such plan to be consistent with the remuneration that organizations in Canada that are of a similar size and scope to BC Ferries provide to their Directors, and not to be greater than the remuneration that provincial public sector organizations in British Columbia provide to their Directors. Once B.C. Ferry Authority approves or amends a Directors’ compensation plan, it must in accordance with that plan, determine the remuneration for the directors of BC Ferries and the terms on which it is to be paid. Bill 20 required that B.C. Ferry Authority establish such a plan by September 30, 2010.  Also effective that date, Bill 20 required that the Directors of BC Ferries be replaced and further stipulated that an Officer of the Company, including the President & CEO, cannot be a Director of B.C. Ferry Authority or BC Ferries, and an individual cannot serve simultaneously as a Director of B.C. Ferry Authority and BC Ferries.”

 

Here is what the Directors of the Company get as of October 1st, 2010

Elements of Director Remuneration In  accordance  with  the  Directors’  compensation  plan  approved  by  B.C.  Ferry  Authority,  the  Company provides the following remuneration to its Directors effective October 1, 2010:

ANNUAL RETAINERS Board Chair Retainer   $  100,000

Board Member Retainers:  Base Retainer (all Directors excluding Board Chair)  $  25,000

Vice Chair Retainer  $  8,000

Audit & Finance Committee Chair Retainer  $  8,000

Other Committee Chair Retainer  $  5,000

Committee Member Retainer (excluding Committee Chair)  $  3,000

PER DIEM FEES Board Member Fees (all Directors excluding Board Chair)   Up to $1,200 per day

FERRY TRAVEL PASS Ferry pass for Directors and eligible members of their respective immediate families, for complimentary vehicle and personal travel on BC Ferries’ vessels.

Board Attendance for the fiscal year ending in March 31st, 2011:  93%

 

Director Compensation  for the fiscal year ended March 31, 2011

April 1st 2010 – September 30th, 2010                     October 1st,2010 – March 31st, 2011

Donald P.  Hayes                                 $78,250                                                                     $50,000

 

Christopher G. Gardner                    $39,000

 

Elizabeth J. Harrison                        $41,250                                                                      $26,500

 

Holly Haston-Grant                           $37,500                                                                     $22,700

 

Brian G.Kenning                                 $45,000                                                                      $24,000

 

Gordon R. Larkin                              $39,750                                                                       $12,979

 

Maureen V. Macarenko                                                                                                          $22,700

 

A. Daniel Miller                                $41,750

 

Jane L.  Peverett                              $43,250

 

P. Geoffrey  Plant                                                                                                                          $20,300

 

Stephen E.  Smith                            $39,750

 

Wayne H.  Stoilen                           $38,750                                                                              $21,300

 

Graham M.  Wilson                       $40,500                                                                                $22,500