British Columbia Ferry Services Inc. president and chief executive officer David Hahn and three of his four executive vice-presidents made even more money in 2009/10 than they did in the previous fiscal year, Public Eye has learned. According to a disclosure statement filed with securities regulators on June 30, 2010, Mr. Hahn's total compensation was $1,128,139. That's $93,459 or 8.28 percent more than in 2008/09. Much of that rise was the result of bonuses awarded because the company's "targeted financial performance" was exceeded - something that didn't happen previously.
Three of Mr. Hahn's executive vice-presidents - Michael Corrgan, Glen Schwartz and Robert Clarke - saw smaller increases of 6.15, 5.70 and 6.33 percent respectively for similar reasons. Only Trafford Taylor saw his compensation decrease, having ended full-time service with the company on June 11, 2009.
Executive pay at British Columbia Ferry Services was a source of controversy last year, with Transportation and Infrastructure Minister saying it was "shocking" that Mr. Hahn's compensation totalled more than $1 million.
As a result of that controversy, the province's comptroller general Cheryl Wenezenki-Yolland was brought in to review the company's "governance model."
In that review, Ms. Wenezenki-Yolland's office found "the compensation paid to the executive team members of BCFS in 2008/09 was significantly higher than executives of large public sector entities."
As a result, the government introduced legislation requiring the compensation plan for those team members to be "not greater than the remuneration that provincial public sector employers in British Columbia provide to individuals who, in those organizations, perform similar services or hold similar positions to that executive of BCFS."
But that requirement doesn't apply to existing executives.
The following is a complete copy of the aforementioned disclosure statement.