27 July 2015
Executive Compensation Briefing Note Dear Mayors TransLinks
board of directors has been working with an independent third-party
expert on a new executive compensation plan, which includes salary
levels for executives, including the CEO. Under provincial
legislation, this plan must be approved by the Mayors Council.
Discussions with some representatives of the Mayors Council have
taken place in order to get
feedback on the proposed compensation plan, including CEO salary
ranges, and we look forward to
presenting our recommendations to the Mayors Council at an
upcoming meeting of the Mayors
Councils choosing.
The current compensation structure for the CEO remains in place
until a new plan is approved.
TransLink is a large, complex organization that integrates
public transit and road planning. It has a
much broader mandate than other public transit and
transportation organizations. We manage more
than $8 billion in assets and employ 6,700 British Columbians.
Close to one million people depend on
our transit service, roads and bridges every day.
We ensure that the CEO and executives are paid no more than
individuals who hold similar positions
in BCs public sector, such as provincial crown corporations, and
no more than individuals holding
similar positions in Canadian organizations similar in size and
scope to TransLink, e.g. transit &
transportation agencies across Canada.
We are mindful of the publics expectations around executive pay
and staffing costs, and weve made
significant cuts in order to reduce costs. These changes have
already reduced costs by approximately
$3 million a year, and recent changes will add approximately
$1million more in annual savings in the
future.
More than 25 management positions have been eliminated over the
past four years. Executive salaries
have been frozen since 2013, and overall executive compensation
is down 5.2% over last year.
