Golden parachute for former MPI CEO sparks calls for government guidelines
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Hey there, time traveller!
This article was published 02/07/2019 (2005 days ago), so information in it may no longer be current.
Manitoba Public Insurance paid its outgoing president and CEO a retirement benefit of $623,517 last year, according to the Crown corporation’s compensation disclosure report.
The large payout sparked outrage Wednesday from the Canadian Taxpayers Federation, which said the province needs to set guidelines for such benefits.
Dan Guimond left MPI in January 2018 after 28 years with the corporation. He served in the top job for the last four years of his career.
In 2017, his last full year with MPI, he earned $353,717.
The newly released report lists MPI’s current president and chief executive officer, Ben Graham, as earning $364,601 in 2018.
“Taxpayers are owed an answer and, ultimately, the buck stops with the provincial government,” CTF Prairie director Todd MacKay said of the retirement payment.
“Taxpayers deserve some detailed answers, because it is hard to imagine a justification for a number this big.”
It isn’t the first time MPI has made the news over its rich retirement benefits for executives.
Five years ago, it was disclosed former president and CEO Marilyn McLaren received $488,991 in salary, benefits and retirement allowance in 2013, after retiring Feb. 21 of that year.
At the time, MPI said it paid departing members of its management team a retirement allowance equal to two weeks’ pay for each year of employment. That would have entitled McLaren to a retirement allowance of more than $400,000.
MPI had no comment Wednesday on Guimond’s retirement package.
“Similar to other Crown corporations, MPI is unable to discuss specific employees due to confidentiality,” a spokesman said in an email.
In 2011, Bob Brennan, former president and CEO of Manitoba Hydro, received a retirement payment of $612,008 after 47 years with the Crown corporation, according to public documents.
larry.kusch@freepress.mb.ca
Larry Kusch
Legislature reporter
Larry Kusch didn’t know what he wanted to do with his life until he attended a high school newspaper editor’s workshop in Regina in the summer of 1969 and listened to a university student speak glowingly about the journalism program at Carleton University in Ottawa.
Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber.
Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
Larry Kusch
Legislature reporter
Larry Kusch didn’t know what he wanted to do with his life until he attended a high school newspaper editor’s workshop in Regina in the summer of 1969 and listened to a university student speak glowingly about the journalism program at Carleton University in Ottawa.
Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber.
Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
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