TransLink halts CEO’s hefty raise 0
TransLink CEO Ian Jarvis. (FILE PHOTO/24 HOURS)
TransLink CEO Ian Jarvis was supposed to get an $8,000 raise - boosting his salary to $327,225 - in January this year before the transit provider reversed its intentions.
According to documents obtained via the freedom of information process, the head of TransLink was expecting a 2.5% raise to keep with "projected increases in the general market for 2014." Jarvis's salary was $319,244 last year, excluding benefits. Prior to that, his salary had been $310,000 since 2010. But in January, according to the documents that ouline a March board of directors meeting, TransLink pointed to current economic conditions and said there would be no "performance merits" and "in-range adjustments" for 2013, and the salary would be frozen for 2014.
The documents say the salary freeze could be reviewed this year. It's unclear how, and if the freeze, would affect a short-term incentive plan where Jarvis was allowed up to 30% of his salary in bonuses.
That incentive - a potential $95,733 in addition to his salary - was lifted up to the current level from 20% in 2012 after a long-term incentive plan, which also allowed a potential 20% bonus, was dismantled that same year, the documents say. TransLink did not provide anyone for comment Sunday, though Marcella Szel, chairwoman of its board of directors, announced at a March annual general meeting that executive compensation has been frozen to 2012 levels.
Specific salaries of the other executive management were not mentioned, aside from that they can earn up to 85% of the CEO's salary. In 2012, the executive with the salary highest next to Jarvis was chief operating officer Doug Kelsey at $280,000, excluding benefits.