New Westminster, BC – TransLink has resumed the search for a new CEO. Yesterday, the Mayors' Council on Regional Transportation approved a lower new salary range for the position.

The Mayors' Council approved the CEO compensation "with the expectation that the Board will target the low to mid-point of the salary range in the CEO recruitment."

The bonus plan and vehicle allowance have been cut from the CEO's pay package.

The minimum annual salary that can be earned is $325,092. The maximum is $406,364. The mid-point of the salary range is $365,728.

In 2014, the total amount of cash compensation for the CEO was $435,015 (excluding pension and benefits such as medical, dental and extended health). This amount included a payment from a long-term incentive plan that has since been eliminated, and perquisite amounts and a short-term-plan bonus, all of which have been eliminated from the new compensation plan.

Vehicle allowances to be cut for all executives

The Board also announced that vehicle allowances for all executives will be eliminated.

"We recognize that the public has a vested interest in the compensation paid to people working in the public sector," said Board Chair Barry Forbes.

"We believe that by eliminating bonuses and car allowances, and cutting the number of senior positons at TransLink, we have addressed those concerns."

TransLink has achieved about $2 million in annual savings by cutting executive and senior-management salary costs over the past two years.

Compensation in line with other public-sector agencies

A comprehensive analysis prepared by an independent consultant formed the basis of the salary ranges approved by the Mayors' Council.

The analysis showed that TransLink's executive compensation is appropriate and in line with other public-sector employers in BC and Canadian organizations of similar size and scope to TransLink.

Comparisons were made with 13 organizations in BC and Canada, such as provincial crown corporations, transit & transportation agencies in other provinces, and other public bodies. Annual revenues, total assets, number of employees, and number of unions were some of the factors used in the comparisons.

Vital public service

"TransLink provides a vital public service to the people of Metro Vancouver who rely on public transit, roads and bridges every day,"" said Mr. Forbes.

"With 6,900 employees, $1.4 billion in revenues, and a service area that's three times the size of Toronto, it's in the region's best interests that TransLink have strong, capable leadership."

Mandate

Of the world's major cities and regions, only Metro Vancouver, London and Paris integrate public transit and road planning under one central authority with its own stream of revenue. In addition to delivering public transit service to nearly one million people every day, TransLink manages a major road network and five bridges.

TransLink is the only transportation agency in Canada that raises money in the financial markets (through bonds) to finance capital projects. More than $1 billion has been raised since 2010, with funds invested in infrastructure and equipment such as buses and trains

Chief Executive Officer compensation

*Excluding pension and benefits.