BC’s Finance Minister has announced amendments to the Public Sector Employers Act which will require disclosure of detailed information about non-salary compensation paid to public sector employer CEOs and senior executives.
Currently, public sector employers are required to disclose senior executives’ base salary. The amendments expand the requirement to include all of the elements that make up senior executive compensation packages, including benefits, employer pension contributions and performance payments. The new disclosure standard will apply to each organization’s CEO and the next four highest paid executives with a base salary of $125,000 or more. Employers will also have to explain what the executives are being paid for and how their pay relates to the organization’s performance targets.
This information will be made available to the public in website postings and published reports in order to increase transparency and accountability across the public sector.
The proposed amendments were introduced as part of Bill 33 – Miscellaneous Statutes Amendment Act, 2008 and can be accessed on-line under the heading ‘Public Sector Employers Act’.
(Click here for link to Bill 33)