It’s going to be an OK, Payday for BC Ferry Directors

"We have to pay what the market is paying," said Harrison in an interview. "We have to be an attractive board to sit on."—BC Ferries Services board chairwoman board chairwoman Elizabeth Harrison

The workload isn’t all that onerous, what with but six meetings a year to discuss the needs and dreams of BC Ferries, but in what must be a pretty competitive world of corporate chair hopping, BC Ferries felt the need to up the ante to bring directors to their corporate table.

BC Ferries offered pay increases of anywhere between 15 to 35 per cent in a bid to attract the vagabond class of corporate board seekers, who apparently are always on the look out for a more rewarding use of their time.

Chairwoman Harrison was the big winner in the pay pool, as her payday will increase by 35,000 dollars going up to $140,000 a year from $105,000 in 2006. Her vice-chairman Thomas Harris, will be compensated with another 15,000 dollars, making for a 63,000 dollar annual pay packet.

Eleven other directors will be paid an additional 18,000 dollars for their troubles, punching in at 48,000 a year.

The increase in the corporate pay rates comes as the regular users of the Ferry Corporations product face yet another round of what seem to be regular fare increases and service concerns for the more isolated and rural of the routes.

In addition to the revised pay rates for the directors, five new members were named to the board, all based out of either the Lower Mainland or Victoria area, leaving areas to the North of Vancouver out of the corporate board loop when it comes to addressing issues of concern to their communities.

At present there are two representatives to the Board of Directors with direct ties to Northern BC, with Dan Miller and Maureen Macarenko holding seats on the thirteen member board.

Hopefully at least the newcomers will find time to hop on board the occasional ferry from time to time, to see what life on the other side of that corporate board room table is like, it might make for some interesting research for their new duties.

BC Ferries directors get pay increases
Cindy E. Harnett
Canwest News Service
Saturday, April 12, 2008

B.C. Ferry Services directors are receiving increases in pay ranging from $15,000 to $35,000.
As of April 1, board chairwoman Elizabeth Harrison saw an increase in her pay to $140,000 a year from $105,000 in 2006, and vice-chairman Thomas Harris is receiving an additional $15,000 on top of his $48,000 annual stipend.

Eleven BC Ferries directors will see a hike to $48,000 from $30,000. The compensation fee for meetings will remain at $1,500.

"BC Ferries is going through the largest capital program in its history and it's also dealing with a lot of complex issues," Harrison said. "We need to attract and retain the best people as directors, with the business, legal and financial skills necessary to oversee the company."

Every two years, Hewitt Associates, a Canadian firm dealing in human resource and remuneration issues, compares 17 companies and recommends the board compensation fee, Harrison said. The latest hike is below the average, she said.

"We have to pay what the market is paying," said Harrison in an interview. "We have to be an attractive board to sit on."

The board has about six meetings a year. The $1,500 meeting fee includes member's preparation time, which is sometimes one to two days, Harrison said.

Five new members announced Friday include Donald Hayes of Victoria, president of Hayes Forest Services Ltd.; Mark Cullen of Vancouver, a retired vice-chairman of RBC Dominion Securities; Christopher Gardner of Vancouver, vice-president of Strategic Planning and Corporate Development for The Britco Group; Brian Kenning of Vancouver, director on the boards of BC Rail; and Wayne Stoilen of Delta, a consultant and former executive vice-president of Canadian Stevedoring Co.