COVERITLIVE.COM

11:54

Transportation and Infrastructure Minister Shirley Bond will be responding to the comptroller general's bombshell report on transportation governance models in five minutes.

11:54

She'll be speaking to reporters in Victoria via a conference call.

11:55

Those in Vancouver will get her in person.

11:58

While we're waiting, here's some of the big lines from the report...

11:58

"BCFS executive compensation was significantly higher than that paid by several larger public sector entities. For example, the Chief Executive Officer‟s (CEO) total 2008/09 compensation was more than double that of the larger public sector comparators. We also found that the performance measures and targets used to determine the incentive bonuses for executives‟ made the bonuses easier to attain than we would have expected."

11:58

"The BCFS Board Directors‟ remuneration was also higher than public sector organizations we compared against, and the retainer fee portion, which was most of the remuneration, was three to five times higher than permitted under a Treasury Board (TB) directive governing BC Crown Corporation Board compensation (although BCFS is not obligated to abide by TB directives because it is not a Crown Corporation)."

11:58

"Our concerns regarding BCFS‟ compensation are compounded by the fact the BCFS Board sets its own compensation and approves the executive compensation without accountability to the independent Authority (shareholder)."

11:59

"The role fulfilled by the Ferry Commission should be broadened to include a number of additional responsibilities including the regulatory functions of protecting customers‟ interests, commenting publicly on various aspects of BCFS, plans and operations, and regulating reservation fee and any competitive services BCFS provides such as drop-trailer transportation. In addition, the Commission should do more independent verification of information it receives from BCFS."

12:00

It looks like the conference call is now beginning...

12:01

Media availability for reporters in Vancouver has already wrapped up.

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