Compensation for Crown corporation executives are being reduced this fiscal year
In a release from the provincial government, Crown executives who are CEO’s and vice-presidents will see their salary holdback eligibility reduced by two-thirds with holdbacks eliminated completely for Crown Investments Corporation of Saskatchewan executives.
As a result of the changes, Crown executives will see their annual cash compensation reduced between 6.7 and 25 per cent, as a percentage of their base salaries. Individual salary impacts will range from a reduction of approximately $9,400 per year to just over $111,000 per year for executives at the top of their salary bands, depending on their managerial level and which organization they work for. Total compensation savings are estimated to be $1.82 million per year.
The changes apply to 54 executives at eight Crown corporations including Crown Investments Corporation, SaskPower, SaskEnergy, SaskTel, SGI, SaskWater, SOCO and SaskGaming
“Our Crown sector executives are dedicated and committed public servants who do their very best for the people of Saskatchewan each and every day,” Crown Investments Minister and Minister Responsible for all Major Crowns Don Morgan said. “However, we believe that Crown sector executive compensation was simply too high relative to public expectations, particularly in relation to the difficult economic times associated with our recovery from the COVID-19 pandemic.”