VANCOUVER, B.C.: The Canadian Taxpayers Federation (CTF) today expressed disappointment that the BC Ferries board of directors did not act aggressively enough to rein in its executive salary structure.

“I’d call this baby steps, but that might be insulting to babies,” said Jordan Bateman, the B.C. Director of the CTF. “BC Ferries’ board of directors has again proved how out-of-touch they are with taxpayers. Instead of cutting executive pay, they kicked the can down the road for two years with a pay freeze, and failed to address the real problem with their bonus structure: too-easily achievable goals.”

Bateman said no executive should get a bonus – or ‘holdback’ repaid under the new system – in a year where BC Ferries raises fares or takes more money in provincial government subsidies.

“That should be a deal breaker on bonuses and holdbacks,” said Bateman.

BC Ferries CEO Mike Corrigan took home $563,000 in compensation last year. BC Ferries VP Robert Clarke made $492,207 last year, including a $133,711 bonus, while VP Glen Schwartz made $491,643, including a $127,008 bonus. Compare that to the pay for Washington State Ferries’ CEO David Moseley: $165,943. Moseley is directly accountable to Washington’s governor, not a board of directors – a model the CTF supports.

If Moseley’s salary grew by the rate of inflation every year, it would take 62 years for him to match Corrigan’s pay.  Even if Moseley’s salary compounded by 10 per cent a year, it would take him nearly 13 years to catch Corrigan’s payout. “A two-year pay freeze is meaningless when you’re overpaying so dramatically,” said Bateman. “I have no doubt we will be talking about big pay raises for BC Ferries executives again in 2016.”

Last month, the CTF presented Transportation Minister Todd Stone with a petition signed by more than 3,200 B.C. residents, calling for changes to BC Ferries’ enabling legislation to make the corporation subject to government rules around executive compensation, bonuses and collective bargaining mandates – and to make BC Ferries directly accountable to the Minister of Transportation.

“The never-ending loop of BC Ferries dishing out big raises, outrageous bonuses, and taking more handouts from taxpayers will pick up again in a couple of years,” said Bateman. “The gravy boat sails on.”