Province's pension managers get big bonuses for below average results
Vestcor CEO’s 2017 bonus more than doubled his base six-figure salary
· CBC News · Posted: Jul 10, 2018 6:00 AM AT
57 Comments
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Commenting is now closed for this story.
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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
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
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 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
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
Google the following to see why
Harper and Bankers
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
@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,
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
@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?
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?
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
@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
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
@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?
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
@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
Me Too
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
YUP
Try Googling the following and give me a call sometime if you wish
Trump Cohen Morneau Amos NAFTA FATCA TPP
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
@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?
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
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
@Fred Brewer Methinks Mr. Sinclair should review my comments since 2015 N'esy Pas?
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
@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
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I had not saved it it yet but this is what was posted
DON MOFFATT
@Adam Johnson What boat did you come on?
https://www.cbc.ca/news/canada/new-brunswick/pension-reform-lawsuits-costs-1.4732109
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
YO @Adam Johnson Where did DON MOFFATT'S comment go? Did it leave on the same boat?
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
@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?
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
@David R. Amos Most pensioners are not happy paying for this poor performance.
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" .
"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
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
@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
@John O'Brien YUP
DON MOFFATT
@John O'Brien What's wrong? Couldn't get a civil service job?
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
@DON MOFFATT Methinks you must have one N'esy Pas?
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
@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
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???
@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 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
@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).
@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
Methinks you must know Mr Mann N'esy Pas?
http://www.cbc.ca/news/politics/nafta-ustr-trump-renegotiation-1.4208794
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
@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.
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
@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
@David R. Amos
It's simple, it's an excuse for politicians to have their lawyer friends on the government payroll.
It's simple, it's an excuse for politicians to have their lawyer friends on the government payroll.
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
· CBC News · Posted: Jul 10, 2018 6:00 AM ATSenior 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
"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
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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