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The Public Is Bashing ICBC Execs For Their Year-End Bonuses

icbc bonuses

The executive team at ICBC is in hot water, again.

On December 14, the Crown corporation submitted an application to hike basic insurance rates by 6.3%, and people weren’t having it. Given the fact B.C. residents pay one of the highest average insurance rates across the country, who can blame them?

The public responded by dragging ICBC through the mud on Twitter, and calling for an end to the “monopoly”.

Within 24 hours of the price hike announcement, reports surfaced online of the $50,000 in bonuses ICBC’s executive team would receive this year. The timing couldn’t have been worse for ICBC, who is now at the center of the public’s wrath.

The public’s frustration behind the bonuses isn’t the recent price hike application, but rather the organizations lack of success. As a result of mismanaged finances, the Crown auto insurer is expected to lose $890 million in 2018 alone.

 

You can view the full compensation report here.

Despite their results, do you think the executives have a right to bonuses? Share your two cents in the comments below.

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