 |
| Backgrounder(s) & FactSheet(s): | Backgrounder |
|
| Backgrounder(s) & FactSheet(s): | Backgrounder |
VICTORIA
– Disclosure of executive
compensation across British Columbia’s public sector will be clarified and
expanded through amendments to the Public Sector Employers Act introduced
today, announced Finance Minister Carole Taylor.
The changes will help bring public sector compensation reporting to
best practice standards and provide the public with far more detail on the
underlying compensation philosophy of an organization and how that compensation
relates to performance.
“These
changes will further increase transparency and accountability across the public
sector,” said Taylor. “We have worked with public sector employers to bring
compensation disclosure to best practice standards. We will move beyond simply
reporting what people were paid to a more detailed explanation on all the
elements that make up the compensation package for the individual.”
The
amendments will allow the government to require public sector organizations to
proactively disclose the major elements of compensation, including base salary,
benefits, employer pension contributions, and performance payments. The
enhanced disclosure requirements will apply to chief executive officers and the
next four highest paid executives, where these positions hold an annual base
salary of $125,000 or more.
In
addition, each organization will need to provide an explanation of their
compensation philosophy, the objectives of the compensation program and what it
is designed to reward, and how the performance payments for the top five
executives relate to the organization’s performance targets.
The
amendments will also enable proactive web-based disclosure, a key component of
best practices, with compensation information publicly posted on each
organization’s website. The changes will also allow the chief executive officer
of the Public Sector Employers Council to prepare and publish reports with
respect to that information.
The amendments to
the PSEA will also place the responsibility for setting the terms and
conditions of employment, including compensation, for superintendents
with boards of education. This change recognizes that boards of education
are composed of elected trustees, who are fully accountable to those who elect
them.
-30-
|
|
||
|
contact: |
Communications Director Ministry of Finance 250 356-2821 |
|
|
|
||
|
For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca. |
||
