BC Ferries didn’t give management $300 perks… but did they give them a 10% bonus or a raise?
In fact, sources indicated that management had or would be receiving a 10% bonus/raise across the board, and that BC Ferries was deliberately holding back the Annual Statement of Executive Compensation report until the last-minute before required filing date of Aug. 18th, 2013.
To set the scene here, last year’s Executive Compensation report – ( which is produced after the last quarter of each fiscal year-end, March 31st of every year) – was filed and available to the public on June 27th, 2012.
In 2011, it was also available June 27th, and in 2010 it was filed and available June 30th.
This year, it’s not yet posted and we are into the middle of July. Based on the information from my sources, I wondered why.
I contacted Deborah Marshall, executive director of Public Affairs for BC ferries with the following query:
Sent: July 12, 2013 8:58 AM
To: Marshall, Deborah
Subject: Executive compensation for 2013Good morning,
I was forwarded information this morning via my site that indicates in addition to the front line workers compensation of gift cards etc, that management gave themselves a 10% bonus across the board.Can you confirm or deny this?When is the Executive compensation report for the year ended March 31st 2013 to be released? Last year it was June 27th.ThanksLaila Yuile
After responding that she would check into this and get back to me, she did later that same afternoon:
I checked on executive compensation and in accordance with securities regulatory requirements, our executive compensation report will be filed on SEDAR on or before August 18. Regards,
Executive Director, Public Affairs
I specifically asked: ” Can you confirm or deny this?” and she completely stepped right around the question. Further inquiries were not answered.
Of course, in light of the outrage over $300 gift cards – which would prove to be a drop in the bucket in comparison- it would certainly help BC Ferries to mitigate the public reaction to such any such 10% bonus or raise for management by delaying the info further to soften memories.
Now, why would BC Ferries executives want to give themselves a raise or a bonus? Well as CBC recently reported :
In its 2013 year-end financial report B.C. Ferries reported it made a “modest profit” of $15.5 million during the last fiscal year, reversing a $9-million loss the previous year.
However, as Canadian Taxpayers Federation spokesman Jordan Bateman says in that same story:
“BC Ferries has raised rates by four per cent and took nearly $22 million from the government, and then broke their arm patting themselves on the back for making a profit. It’s a fake profit built on a subsidy and a rate increase.”
Considering the past record for the timely filing and releases of Executive compensation, I find it highly suspect that this year BC Ferries is holding off this long on the information already and I suspect the information won’t appear at all until right before the August 18th deadline, when people are taking the last bit of summer vacation…
Of course, only BC ferries can settle this one, by filing and releasing the executive compensation report immediately for the public record.
In the interim, if you have any other information about this story, please contact me via my contact page or email !!