Monday, October 06, 2008

 

BC Rail carries heavy burdens

.
In July 2008, super-sleuth Sean Holman posted this item on his Public Eye Online. I couldn't resist including the comments, too. - BC Mary.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

KEVIN AND GOLIATH

Public Eye Online - July 17, 2008


BC Railway Co. may have leased its tracks to Canadian National Railway Co. and ceased its freight operations. But, according to executive compensation figures released today by the Campbell administration, BC Railway's president and chief executive officer Kevin Mahoney - who manages a corporation that had revenues of $18.2 million for the year ended December 31, 2007 - is the fourth highest paid public sector employee, receiving $569,975 in salary and benefits.

In an apparent attempt to justify that compensation package, a provincial government backgrounder compared his salary to Canadian Pacific Railway Co. president and chief executive officer Fred Green, who earns $2.9 million and manages a corporation that had revenues of $4.7 billion over the same time period.

Asked about the matter, Finance Minister Colin Hansen said, "BC Rail still has substantial operations and it is a very important Crown corporation for the province. They continue to own the assets of the rail and rail right-of-ways of British Columbia. And
they also continue to own some very significant and strategic properties in the province - properties that are going to be critical to the economic development in this province and the Gateway Initiative. So I think we need to make sure that organization is very competently managed given the importance of that organization to the future of the province."

But aren't those rail assets now being managed by Canadian National?

"BC Rail continues to actively manage very significant assets in the province - real estate assets that are very critical to our port initiative, our rail initiative and to economic development generally," Minister Hansen responded. Those unleased assets are valued at $60.8 million - including property under construction. By comparison, Canadian Pacific has $13.4 billion in assets.

Mr. Mahoney is just one of seven executives who were paid out more than $500,000 by taxpayers during the most recent fiscal year. And he's just one of 233 who were paid out more than $100,000.

"Quite frankly, I think when you start talking about incomes in excesses of $500,000 a year, I certainly don't relate to that," Minister Hansen commented. "I think the average British Columbians would find that is much higher than they would have expected. But I think when you compare our compensation for senior executives with other parts of Canada, we - in fact - are not the leaders. In fact, we're the middle of the pack when it comes to executive compensation based on the information we know from other jurisdictions."

Posted by Sean Holman at 12:12 PM

Comments on: Kevin and Goliath

Even under full-blown Campbellism this kind of obviously exhorbidant executive "compensation" is hard to believe. The only rational motive I can think of for the BC Govt to agree to these laughable payments is that Mahoney has something on them. What that could be, ... or which trial it might relate to, ... I cannot imagine.
Posted by Budd Campbell on July 17, 2008 08:02 PM


I am just thrilled to bits that the BC Government has managed to find a qualified employee that is worth $569,975.

This should be held up as an example to ALL public servants that if you have the skills,experience and abilities you can go far!

Since this salary of $569,975 is being paid for by the public, I'm sure Colin Hansen will be more than happy to outline for us exactly what Kevin Mahoney is delivering to earn that salary.

Can we get a copy of his detailed job description? Or at the very least the responsibilities of the position that he fills?

I think a lot of people in BC would love to know what it takes to earn a $569,975 salary.

ps According to a earlier story about government compensation this is only #269,975 more than a temporary director makes at LCS, I'm sure the amount will be increased soon.

Posted by Betty on July 18, 2008 10:01 AM


It must be nice to be on "the team" and be in charge of something even when a private company owns the equipment qan does he maintenance. We as voters pay for these jokers who collect a big salary but no one appears to know just what the folks actually do beyond supporting the Campbell group. If Hanson has any clues which I'm not sure he does, lets hear more of the duties the fellow has, or someone like this blog owner will be waiting for one more FOI answer full of blacked out sections. Open accounable sounds great during campaigns but stops the day after the election

Posted by Avoter on July 20, 2008 10:42 AM

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""

"Campbellism", eh? Good one. And many thanks for allowing me to borrow from your work, Sean Holman. - BC Mary.

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""


Comments:
mary the recent revelations regarding campbell insider patrick kinsella reminded me that he was also involved with the sale of bc rail.

I beleive that the NDP asked a question about Kinsella's role with CN or one of the other bidders.

I will try to find the related material for you...

PG
 
.
Hello PG,

Thanks for that tip ... we've been waiting to hear if you found that question in Hansard?

.
 
Post a Comment

Links to this post:

Create a Link



<< Home