Hey there, time traveller!
This article was published 10/5/2014 (841 days ago), so information in it may no longer be current.
Former Manitoba Public Insurance president and CEO Marilyn McLaren, who retired Feb. 21, will receive close to half a million dollars in compensation from the auto insurer in 2014 -- not including a $50,000 consulting contract with MPI, which was approved by the Selinger cabinet several weeks after her departure. Our readers offered these comments for free.
THINGS to do today-ish...
1. Quit high-paying job with Hydro, MPI or CoW.
2. Get gigantic golden handshake and a tiny bit of media hassle.
3. Take a couple of weeks off until everyone forgets.
4. Go right back to working where I was working as a high-paid consultant.
5. Laugh all the way to multiple banks.
-- hefty J
SDLqTHE corporation pays departing members of its management committee a retirement allowance equal to two weeks' salary for each year worked."
"All other MPI employees are entitled to one week of salary per year worked when they retire."
"Bob Brennan, the former president and CEO of Manitoba Hydro, received a retirement payment of $612,008.29 when he left after 47 years."
This is obscene. And so unnecessary. Why is there a buyout? They retired. They have a generous pension.
BEFORE everyone gets their knickers in knots, have a look at the retirement payouts for Great-West Life or other insurance companies... this pales in comparison. If you want qualified people heading a large Crown (or any) corporation, you have to pay them well or they will go elsewhere in the market. If you aren't prepared to pay them well, you get unqualified people running these organizations. By all accounts, Ms. McLaren did a pretty good job. Compare your rates with those in other provinces. Oh, and next time you pay $85 or $125 to watch a Jets' game, think about how obscene those salaries are!
MARILYN McLaren will receive $488,991.52 in salary, benefits and retirement allowance this year.
At least she worked for the corporaton for 35 years. I guess I can live with this, as it's been in place all along... not just created yesterday.
Bob Brennan received a retirement payment of $612,008.29 when he left.
At least he worked for the corporation for 47 years. Again, I guess I can live with this, as it is not something that was dreamt up in on a couple days' notice.
Phil Sheegl works for City of Winnipeg for 3.5 years; he leaves (quits) under a huge cloud of suspicion and he walks out the door with $500,000.
-- Larry Bud Melman
I don't like the "petty journalism" associated with publishing and mocking senior people's salaries in the paper. It should be a private matter between her and her board. This type of alarmist reporting stops high-quality people from entering these important positions.
As a result, we don't have our best-and-brightest in our public leadership roles. A seasoned insurance executive at this level can make a lot more than she did elsewhere and not be ridiculed in the paper when she retires after so many years of faithful service.
I am not an MPIC employee or her relative, just an admirer of her work from within Winnipeg's business community.
SDLqTHE issue isn't so much the size of McLaren's retirement payment... but the fact she was hired weeks after her retirement as a consultant." The size of the retirement package is not something the NDP voted on to give her, it was in the contract. While we can disagree or agree, it doesn't matter. The federal government has started to eliminate these payments; federal public sector workers are no longer accumulating severance for a nice retirement package. I would think eventually the province will follow once they run out of options to tax the poop out of us -- whoops, don't want to give them any ideas.
The issue is overriding the rules to be hired back as a consultant, which is 12 months. I do enjoy all the NDP bashing going on though.