Tuesday 10 July 2018

Methinks far too many folks think the lawyer Franky Boy McKenna can do no wrong

http://www.cbc.ca/news/canada/new-brunswick/vestcor-bonuses-government-pension-fund-1.4740090



Province's pension managers get big bonuses for below average results

Vestcor CEO’s 2017 bonus more than doubled his base six-figure salary

Robert Jones · CBC News · Posted: Jul 10, 2018 6:00 AM AT


57 Comments 
Commenting is now closed for this story.



David R. Amos
Content disabled.
David R. Amos
Methinks I would wager thin Canadian dimes to fat Yankee petrodollars that John Sinclair and many politicians recall my email about a comment section one year ago when Troy Mann the temporary Chief Executive Officer of the Vestcor Pension Services Corporation argued me about NAFTA, litigation and money within CBC N'esy Pas?

Here is one thread that still exists

http://www.cbc.ca/news/politics/nafta-ustr-trump-renegotiation-1.4208794

Cecil Nagy
Take back Canadian sovereignty, eliminate the right of US companies to sue because of Canadian policy changes

David Raymond Amos
@Jack O Hill I recall a lawsuit where we permitted the Yankees to do business in Canada then they sued us for unfair competition pursuant to NAFTA. Was that fair?

http://www.international.gc.ca/trade-agreements-accords-commerciaux/topics-domaines/disp-diff/parcel.aspx?lang=eng

Troy Mann
@David Raymond Amos
Yes it is fair for them to use the procedures in place for disputes. The outcome was fair as well.

"The Tribunal, by a majority, dismissed all of UPS’ claims and ordered the disputing parties to bear the costs of the arbitration in equally."

Are you suggesting elimination of dispute tribunals?

David Raymond Amos
@Troy Mann The bear the cost equally part when the complaint was vexatious. Perhaps you should check my work I am suing the Crown right now.




David R. Amos 
David R. Amos
Trust that John Sinclair and Frank Mckenna and all their cohorts have known that I am a whistleblower about financial crimes since 2001 who sued 3 US Treasury Agents and host of lawyers etc in the USA in 2002.

Methinks anyone who is reading this can simply Google my name or if they wish to read my latest lawsuit that was filed and argued in Fredericton NB by Googling the following

David Amos Federal Court


David R. Amos
David R. Amos
@David R. Amos The Crown laments greatly about my 53 page Statement of Claim in Federal Court. However I read and and understood James Harnum's 437 page Affidavit filed in the Court of the Queen's Bench in less than an hour. Methinks some wiseguy should ask me to explain it to him real slow. Trust that my political opponents Gallant, Higgs, Coon, McKenzie Austin or CBC never will.

Furthermore I see all the dislikes as I watch CBC block my most important words and kill my accounts yet I laugh at the malicious nonsense of it all. I am the guy that does not exist but to borrow phrase from a movie my son made me watch years ago because I am like the leader character "The Dude Abides" Sooner or later the truth will leak out it always does sometimes during election time N'esy Pas?

https://www.cbc.ca/news/canada/new-brunswick/fundy-royal-riding-profile-1.3274276




David R. Amos 
David R. Amos
Franky Boy McKenna and his pals such as Robert Jones and John Sinclair don't call don't write since 2004 Methinks they don't love me N'esy Pas?

Google the following to see why

Harper and Bankers


Anne Bérubé
Anne Bérubé
@David R. Amos You cannot compare Harper to McKenna, night and day. McKenna was not caring but smarter (and not in a good way for New Brunswick), only for himself.

Vic Perry
Vic Perry
@David R. Amos
Methinks, Nesy P'as... apply directly to the forhead,
Methinks, Nesy P'as... apply directly to the forhead,
Methinks, Nesy P'as... apply directly to the forhead,

David R. Amos
David R. Amos
@Anne Bérubé I put it in writing and served most of the people in hand proving that Harper and McKenna were the best of buddies not long after I ran in Fredericton in the election of the 39th Parliament .

Methinks you should have done as I suggested and read the "Harper and Bankers" document before trying to debate me whether we agree or not how clever either dude may be N'esy Pas?

David R. Amos
Content disabled.
David R. Amos
@Vic Perry Methinks snobby Anglophones are too funny and way too redundant merely because the don't get a simple joke about the doings of Trudeau The Elder and his minions against the folks in New Brunswick in 1982 . At least my Acadian friends and no doubt many members of the former COR Party get it N'esy Pas?



David R. Amos
David R. Amos
@Vic Perry Methinks you should ask yourself why CBC would block my reply to an Anglophone who misspelled forehead three times in a row N'esy Pas?






Neil MacLean 
Neil MacLean
I don't think performance is evaluated simply in terms of single year returns. What makes me nervous as a pensioner is the overwhelming dependance of all pension funds on the performance of market equities, when I see our whole financial system as unsound. In the old days pensions were primarily based on bonds which had reliable government backing and a reasonable return. But those days are gone for now. So I would tend to look at fund performance very much in terms of its risk profile, and if there is less risk, then I can be satisfied with less performance. Oh, another thing - I don't believe in paying managers bonuses. Studies long ago showed that money isn't an important motivator of good job performance beyond a basically reasonable salary - but bonuses can certainly motivate gaming the job to the detriment of real client interests. It is quite shocking to me the extent to which this reality is utterly ignored in the world of corporate compensation design. It speaks I feel to a degree of self-interested corruption that is all too common in the corporate world.


David R. Amos
David R. Amos
@Neil MacLean "It speaks I feel to a degree of self-interested corruption that is all too common in the corporate world."

Methinks its just the tip of a very malevolent iceberg but at least the questionable bonuses like the tip of the iceberg let us know where the problem is N'esy Pas?

David R. Amos
David R. Amos
@Neil MacLean "What makes me nervous as a pensioner is the overwhelming dependance of all pension funds on the performance of market equities, when I see our whole financial system as unsound."

Me Too

David R. Amos
David R. Amos
@Neil MacLean "In the old days pensions were primarily based on bonds which had reliable government backing and a reasonable return. But those days are gone for now"

YUP

Try Googling the following and give me a call sometime if you wish

Trump Cohen Morneau Amos NAFTA FATCA TPP





 Timothy Franklin 
Timothy Franklin
Bonuses have no place in a government environment. Mr. Jones should also investigate the agencies and crown corporations that bypass wage restrictions by changing job titles which in turn bump salaries for top management. Front-line employees’ wages have not kept up with inflation while those in positions that are politically connected have seen their salary double in the last 10-15 years.


David R. Amos
David R. Amos
@Timothy Franklin "Bonuses have no place in a government environment"

Of course not However

Methinks far too many folks think the lawyer Franky Boy Mckenna can do no wrong even to this very day N'esy Pas?




Fred Brewer 
Fred Brewer
Well Mr. Sinclair, I say what is good for the goose is good for the gander. Why not "share the risk" with your bonus since you are a proponent of shared risk pensions. Let's base your bonuses on shared risk. In good years you can take a bonus but in bad years you will have to pay back a big chunk of your salary. Seems fair to me.


David R. Amos
David R. Amos
@Fred Brewer Methinks Mr. Sinclair should review my comments since 2015 N'esy Pas?





Adam Johnson 
Adam Johnson
Collectively I don't believe the salary or bonuses of the 100-150 employees of Vestcor are much to be concerned with when you consider they are responsible for overseeing more than $16,000,000,000.00 in New Brunswick public service retirement. If you are having surgery do you want the $100,000.00 surgeon or the surgeon who is paid $450,000.00. Is salary proportional to competence? In many cases I would argue YES. If bonuses are done correctly we would be hurting ourselves by removing them. These bonuses can be investigated or audited to ensure they are properly calculated. There are CEOs and alike who manage much smaller investments and are paid a lot more than Mr. Sinclair. Being responsible for the entire pension fund requires a stress resistant and resilient person who is also smart and has the required skills. All I ever see and hear is jealousy. Want to make 7 digits? Then go talk to folks who do and ask questions, read, study, take education, and follow what steps they took. You may discover that, just like becoming a physician, it isn't like winning the lottery so enough whining. Do you want to rock the boat when it concerns pension? I think not



David R. Amos
David R. Amos
@Adam Johnson Methinks the "Powers That Be" in NB know that I no longer care how much the pensioners pay Sinclair and his minions as long as it costs the taxpayer nothing. However what does concern me is how much the taxpayer is paying questionable lawyers to argue the pensioners and I obviously said so. N'esy Pas?

https://www.cbc.ca/news/canada/new-brunswick/pension-reform-lawsuits-costs-1.4732109



Barbara Canuski
This comment went "Poof" when I refreshed the page
I had not saved it it yet but this is what was posted
DON MOFFATT
@Adam Johnson What boat did you come on?



David R. Amos
David R. Amos
YO @Adam Johnson Where did DON MOFFATT'S comment go? Did it leave on the same boat?




stephen blunston 
stephen blunston
they shouldn't be getting 30% of salary bonuses for making 8% , greed and people wonder why investments never seem to be going up much . executives lol. what a joke what did they actually do to get their salary let alone outrageous bonuses


David R. Amos
David R. Amos
@stephen blunston Welcome to the circus

Methinks that whereas our pensioner friends are happy to be paying for it we might as well enjoy it as well N'esy Pas?

 
DON MOFFATT
DON MOFFATT
@David R. Amos Most pensioners are not happy paying for this poor performance.



David R. Amos
David R. Amos
@DON MOFFATT Methinks you should take it up with your fellow pensioner Lou Bell N'esy Pas?

"This reporter needs to understand about high / low risk. I'm happy with the return from last year From my reports that I receive ( quarterly ) they have exceeded their projected returns annually. My pension has never gone down and has been adjusted to allow for inflation" .






David Stairs 
David Stairs
it's the good ole boys club at it again...they can do whatever they want and then thumb their collective noses at the hard working people and their money that invested in the fund believing it is in their best interests...in the real world this is called theft by conversion....and yes it is a criminal offence...but they seem to make up laws and protocol to protect themselves....the whole system needs an overhaul...


John O'Brien
John O'Brien
@David Stairs please remember that the "old boys network" extends to politicians, bureaucrats, civil servants, teachers, cops, firefighters. All these groups, who are likewise awarded pay packages by politicians who don't know how to value money, have pay and benefit packages far in excess of what can be negotiated in private enterprise. And they all feel they deserve more.

David R. Amos
David R. Amos
@John O'Brien YUP

DON MOFFATT
DON MOFFATT
@John O'Brien What's wrong? Couldn't get a civil service job?

David R. Amos
Content disabled.
David R. Amos
@DON MOFFATT Methinks someone in civil service just made one of your comments evaporate N'esy Pas?



David R. Amos
David R. Amos
@DON MOFFATT Methinks you must have one N'esy Pas?





Barbara Canuski
Barbara Canuski
Unjustified high executive pay is happening at other New Brunswick crown corporations. Check out the six figure pay of the CEO of the Financial and Consumer Services Commission in NB.


David R. Amos
David R. Amos 
@Barbara Canuski "Unjustified high executive pay is happening at other New Brunswick crown corporations. Check out the six figure pay of the CEO of the Financial and Consumer Services Commission in NB."

Yea Right I certainly hope that other folks do. Trust that i did long ago The all the Justice Ministers since 2004 know that I have been going at it tooth nail with them and their minions in the Financial and Consumer Services Commission (It had a different name back then) I made certain that the latest chair Mr. Klohn and all the others before him knew it too.

“The financial abuse of New Brunswick seniors is unacceptable,” said Rick Hancox





Redmond O'Hanlon 
Redmond O'Hanlon
Obscene salaries for public servants. There should be no additional bonuses for anything, let alone made up targets that are moved at will. These so called (self assigned) targets are prevalent throughout all of the public service in New Brunswick and are far from justified. How far would all the added up bonuses and bloated salaries go towards better health care in the province???
 

David R. Amos
David R. Amos
@Redmond O'Hanlon Methinks folks should ask such questions to all the politicians knocking on their door this summer because they won't talk to us afterwards N'esy Pas?


Lou Bell
Lou Bell
@Lou Bell Vestcor operates now as a private corporation. They can now handle the investments of pension funds not only from N.B. , but other provinces . That will actually lower the costs of our pensions .

Redmond O'Hanlon
Redmond O'Hanlon
@Lou Bell Formed in July 2016, Vestcor Corp. is as an independent private not-for-profit holding company under the Vestcor Act of the New Brunswick Legislature which owns Vestcor Inc. The organization is jointly owned by the New Brunswick Public Service Pension Plan (NBPSPP) and the New Brunswick Teacher’s Pension Plan (NBTPP).


David R. Amos
David R. Amos
@Lou Bell "Vestcor operates now as a private corporation."

Methinks you must know Mr Mann N'esy Pas?

http://www.cbc.ca/news/politics/nafta-ustr-trump-renegotiation-1.4208794




Redmond O'Hanlon
Lou Bell
This reporter needs to understand about high / low risk. I'm happy with the return from last year From my reports that I receive ( quarterly ) they have exceeded their projected returns annually. My pension has never gone down and has been adjusted to allow for inflation . Not sure how some people commenting on here have had their government pensions decline , and doubt if they actually have ! They know what their projections are and yet some seem to think they deserve a raise. Also , Vestcor is no longer a crown corporation 


Rosco holt
Rosco holt
@Lou Bell
Not every pensioners are lucky not to have their pensions cut. The main factors are which job you had, pension level, years of service, what the union negociated etc......

A family member had his pension(30+ years of service) significantly diminished and the inflation index adjustment is below inflation rate.

David R. Amos
David R. Amos
@Rosco holt Methinks its not rocket science to believe you over Mr Bell. Why else would the pensioners be suing their former boss? The more important question for all of us is why is the liberal government spending millions of taxpayer dollars trying to wear their former employees down in court if it does not have an interest in the outcome? In my humble opinion these greedy people forgot who they really do work for or once did work for N'esy Pas?


Rosco holt
Rosco holt
@David R. Amos
It's simple, it's an excuse for politicians to have their lawyer friends on the government payroll.

David R. Amos
David R. Amos
@Rosco holt Worse than that



Province's pension managers get big bonuses for below average results

Vestcor CEO’s 2017 bonus more than doubled his base six-figure salary

Robert Jones · CBC News · Posted: Jul 10, 2018 6:00 AM AT


Senior executives with Vestcor have produced below average results but continue to receive big-time bonuses. (iStock)



Senior executives with Vestcor, the firm in charge of investing New Brunswick government pension funds, all earned double-digit pay bumps in 2017 even as the funds they manage posted gains in the bottom half of national rankings for the year.

Vestcor oversees more than $16 billion in New Brunswick public service retirement and other funds and, according to its latest annual report, earned an 8.05 per cent return on investments in 2017.
Those were the best results for Vestcor in four years but well below the median national return of 9.7 per cent posted by all Canadian defined benefit pension funds in 2017, according to the Royal Bank of Canada.

Every one per cent change in investment returns in Vestcor's holdings is worth more than $160 million, meaning its investment returns in 2017 were about $260 million below the national median level.

Vestcor CEO John Sinclair said rules around investing New Brunswick pension funds have become stricter since the province switched over to shared risk pension plans, limiting both gains in good years and losses in bad years that the funds are likely to experience


Vestcor CEO John Sinclair, pictured in the 2010 file photo, was paid $327,779 in salary in 2017 plus $826,004 in bonuses. (CBC News)
"When equity (stock) markets rise as in 2017, these (pension) plans may produce returns that are slightly lower than less risk constrained pension funds in other jurisdictions," said Sinclair in an email to CBC New about why NB pension fund gains in 2017 trailed national results.

"Conversely, lower risk portfolios would be more likely to outperform industry medians during weaker market periods."

Big-time bonuses


But while Vestcor's investment funds were rising eight per cent in 2017, pay for Vestcor executives jumped more aggressively

Records show Sinclair earned $1.16 million in 2017, 16.7 per cent more than the year before.
That was the result of a $165,000 increase in his incentive pay generated by the organization's growing, and at times controversial, bonus program.

The CBC's Robert Jones examined Vestcor's high salaries in April.

Information Morning - Fredericton
Robert Jones looks a Vestcor's high salaries


00:00 09:50



The CBC's Robert Jones looks at Vestcor Investment Management Corporation and their high salaries. The company manages more than fifteen-billion dollars in retirement funds for NB government employees and others. 9:50
Four other senior executives had their pay jump between 13 and 30 per cent.
Still it's not an obvious point of contention with retirees.

Deb McCormack is a retired government employee and a member of a coalition fighting the province over its conversion of pension plans to a shared risk model.

She said she does not mind  Vestcor investing in lower return investments if they are safer from a downturn in the economy or increasing pay for the firm's executives if they are worth it.

"The bonuses, are they fair? It's really hard for me to say," said McCormack.

"It's important we have the best possible people looking after our money."

Incentive pay


Vestcor employees are eligible for a complex assortment of bonuses based partly on professional achievement, partly on one-year investment results and partly on four-year rolling investment results.

Largely because 2017 investment gains achieved by managers were better than the 2013 results they replaced in the rolling four-year bonus calculations, pay went up.

Vestcor — and its predecessor, the New Brunswick Investment Management Corporation — has offered incentive pay to employees to reward exceptional performance since 1998, but amounts have grown significantly over the past decade.

In 2007, total employee bonuses surpassed $1 million for the first time. The bonus pool then doubled to more $2 million in 2013 and doubled again to more than $4 million in 2017.

Official Vestcor targets list bonus payment ranges for employees to be between 30 per cent and 130 per cent of their base salary. However, senior managers all earn more than that, including Sinclair whose 2017 bonus pay is listed as $826,004.

That was 252 per cent of his base salary of $327,779 

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