TransLink execs get pay hikes despite freeze
TransLink CEO's pay agreement is loaded with incentives. (FILE PHOTO)
Despite a promise that executive compensation has been frozen to 2012 levels at TransLink, total compensation packages increased for all seven of the transit provider’s top-level brass.
According to TransLink’s recently released 2013 financial information, CEO Ian Jarvis earned $29,315 more in pay for a total of $468,015 last year.
Other executives earned between $648 and $53,152 more as well.
TransLink, in a statement, said that’s because a short-term incentive plan has been cancelled and everyone got a “one-time adjustment” to base salaries on Jan. 1, 2013 — salaries were frozen thereafter.
Their bonuses from 2012 were also paid out in 2013, which is reflected in the 2013 pay, TransLink said.
Jarvis’s initial contract had also included a “long-term” incentive plan, which though now axed, still needs to be paid out.
“The first of the three payments, $43,400 was made in 2013,” TransLink said.
The CEO has one last remaining incentive plan that allows him to earn up to 30% of his base salary of $319,244 — that target-based award is still ongoing.
TransLink added that this year, compensation will likely be decreased $20,000-$40,000 per executive to reflect the previous changes.
(An earlier version of the story incorrectly used the phrase "take home pay," which could mean pay after taxes when this is not the case — references have now been removed.)