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[Marine] BC Ferries


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#4481 Jason-L

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Posted 16 November 2018 - 02:33 PM

From the BC Ferries website:

“About our Company

In April 2003, BC Ferries was transformed from a Crown corporation into an independent, commercial organization under the Company Act. BC Ferries is governed by an independent Board of Directors appointed by the B.C. Ferry Authority.

...

About our Governance

B.C. Ferry Authority is a no-share-capital corporation created under the Coastal Ferry Act (British Columbia). It is the owner of the single issued voting share of British Columbia Ferry Services Inc. ("BC Ferries"), a Company incorporated in British Columbia, which is subject to the Business Corporations Act (British Columbia).“

Weird, it doesn't operate like a non-profit.  Well, I guess I'll have to amend my "profit center" comment to "generate capital for reinvestment to maximize additional capital for additional future investment and bonuses for management..." maybe?



#4482 shoeflack

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Posted 16 November 2018 - 02:54 PM

Weird, it doesn't operate like a non-profit.  Well, I guess I'll have to amend my "profit center" comment to "generate capital for reinvestment to maximize additional capital for additional future investment and bonuses for management..." maybe?

 

BC Ferries doesn't offer it's top-level management bonuses anymore. They got roasted in the media back in 2013, and I believe that bonus program was shut down after the subsequent review that was ordered by Todd Stone. One of the reasons their whole governance structure was overhauled was because of the skyrocketing management salaries in the David Hahn days (when he was pulling in over $1 million a year). Now their CEO salary is under $600,000 including benefits, pension, etc.

 

People rail on the financial operations of BC Ferries a lot, but they are actually pretty solid these days from what I've seen.



#4483 AllseeingEye

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Posted 16 November 2018 - 03:47 PM

BC Ferries doesn't offer it's top-level management bonuses anymore. They got roasted in the media back in 2013, and I believe that bonus program was shut down after the subsequent review that was ordered by Todd Stone. One of the reasons their whole governance structure was overhauled was because of the skyrocketing management salaries in the David Hahn days (when he was pulling in over $1 million a year). Now their CEO salary is under $600,000 including benefits, pension, etc.

 

People rail on the financial operations of BC Ferries a lot, but they are actually pretty solid these days from what I've seen.

Not to mention the executive wing has been pared way, way down; back in the day they had 8-9 senior VP's under the CEO; last time I looked they had three.



#4484 lanforod

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Posted 18 November 2018 - 02:26 PM

Now if only ICBC would do the same... they're raising rates AND paying massive bonuses to execs.



#4485 todd

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Posted 20 November 2018 - 03:20 PM

https://www.cheknews...in-june-509919/

 

download (2).png

 

https://youtu.be/vsYBtfQ3QDo



 



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