Barbara Yaffe had an interesting piece in The Sun today questioning why a government monopoly like ICBC needs to pay its staff $400,000 a year. Great question. I wouldn’t in a million years defend such wages, but I can tell you how they got there – by ignoring the private sector and only comparing themselves to the best-paying government agencies possible.

A 2012 review of ICBC noted that the insurance monopoly’s sky-high salary structure was a result of the Crown Corporation comparing itself to the federal government, Canada Mortgage and Housing Corporation, and Alberta – three of the most expensive bureaucracies, salary-wise, on the continent.

“The province, despite being the shareholder of ICBC, was not included as a comparator,” the audit reported. Neither were private insurers. Why? Because ICBC bosses wanted more money, and the feds, CMHC and Alberta dole out a whole lot more than the B.C. government pays its top staff. A deputy minister, for example, makes between $220,000 and $275,000 annually – even the deputy minister of transportation, which ICBC reports to.

From Yaffe’s piece today:

Following that audit, then-CEO Jon Schubert — who was being paid salary and bonuses of $486,541 — resigne his post by mutual agreement, but stayed on until June 30 as a paid consultant.

And Schubert was far from the only $400,000-plus earner in the organization.

Blucher, his successor, received $412,624 in total compensation last year.

And still in ICBC’s employ are chief business transformation officer Sheila Eddin, who in 2012 earned $401,702, and chief financial officer Geri Prior, paid $461,654.

What is it with public-sector salaries in excess of $400,000? Who makes that kind of cash?

Prime Minister Stephen Harper is paid $320,400 a year. He’s ultimately responsible for a $300-billion budget and runs the country.

All that for running a government-owned monopoly, where the law of the land forces customers through its doors. Nice work if you can get it.