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 Posté le: Sam Sep 28, 2013 3:59 pm Sujet du message: PMV report reveals $849k golden parachute for form |
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{PMV report reveals $849k golden parachute for former Canada Place boss}
Former Canada Place Corp. CEO Mike Shardlow (second from left) with Prime Minister Stephen Harper and colleaguesBy Bob MackinFri Jun 7, 2013 10:00am PSTMystery surrounds the hefty severance for the former boss of Vancouver’s iconic five sails.The last page of the consolidated financial statements for Port Metro Vancouver 2012 annual report shows Canada Place Corp. (CPC) president and CEO Mike Shardlow was paid $83,000 in salaries and fees, $12,000 in other benefits and $754,000 in post-employment benefits for total compensation of $849,000 to March 31, 2012.CPC, a wholly owned subsidiary of Port Metro Vancouver since 1993, was merged with the federal company last year. Shardlow was hired in 2004 as CEO of CPC, the landlord for Vancouver Convention Centre East, Pan Pacific Hotel, Port Metro Vancouver’s corporate headquarters and cruise ship terminal, World Trade Centre and Vinci parking lot.Chief operating officer Andrew Mann replaced Shardlow from April 1 to November 30, 2012, and was paid $215,[url=http://www.ugg-boots-sale.org]cheap ugg[/url],000 base salary, plus $6,000 other benefits and $21,000 post-employment benefits.Asked for details about Shardlow’s severance after PMV’s annual general meeting this week, PMV CEO Robin Silvester told Business in Vancouver that he “didn’t have that information available.”“The financial statements of Canada Place for the year in question were approved by the board of Canada Place for that year, that's a question that would have to be directed separately. We weren't involved,” said Silvester, whose total pay packet was $686,000 in 2012.“Questions about the period prior to the end of 2012 when it was integrated into Port Metro Vancouver would have to be directed to, effectively now, the archives. We're not able to answer those questions.”PMV chair Craig Neeser called the merger “a tremendous opportunity.”“There were severances, I don't know the details, but I can assure you the cost savings far offset any of the initiatives that took place to merge the two organizations,” Neeser said.By comparison, Shardlow’s severance is bigger than that which Judy Rogers received after she was replaced as Vancouver’s city manager in December 2008 with Penny Balllem. Rogers held the post for nine years and received a $571,[url=http://www.ugg-boots-sale.org]ugg outlet[/url],788 golden parachute when Mayor Gregor Robertson came to power.Former Canada Place board chair Robin Wilson declined to comment. The three remaining board members, PMV vice-president of planning and operations Peter Xotta and businessmen Robin Dhir and Jonathan McNair, resigned to coincide with the PMV annual meeting on June 4.McNair was the audit and finance committee chair and declined to discuss specifics of Shardlow’s severance.“He was a very longstanding employee,” McNair told BIV. “We received advice, we followed that advice.”PMV, which is formally known as the Vancouver Fraser Port Authority, is ultimately responsible to Transport Canada Minister Denis Lebel. Transport Canada spokesperson Kelly James said “Canada Place Corporation, as a wholly owned subsidiary of Port Metro Vancouver, operates at arms-length from the government. Severance payments are decisions taken by the corporation.“Port Metro Vancouver is also an independent, commercial and financially self-sufficient corporation that does not receive any operational funding from the Government of Canada. The Government of Canada expects all federal institutions to be fiscally prudent.”PMV reported a $96 million profit on almost $186 million gross revenue in 2012, but showed a $518,000 loss on Canada Place operations.BMackin@biv.com@bobmackinTags: Gregor Robertson, Judy Rogers, Robin Silvester, employee, Canada Place Corp., annual report, Transport Canada, Port Metro Vancouver, Vancouver Fraser Port Authority, financial statement, transport
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