By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@Tribunemedia.net
TOTAL compensation awarded to suspended director Algernon Cargill was in line with packages received by senior executives at government agencies of similar size, former chairman Patrick Ward said yesterday.
The report by the Hay Group, obtained by The Tribune last night, found that “overall NIB senior management salaries are not competitive” with the salary of other senior public servants.
The report recommended in 2009 that Mr Cargill make an average annual salary of $247,500.
According to Progressive Liberal Party National Chairman Bradley Roberts, Mr Cargill’s base salary is $178,000.
Bonuses awarded to eight NIB senior executives and a contracted worker over a three-year period were made public last week.
According to the information, which was also posted on a tabloid website, executives were awarded a total sum of $723,333 in six payments. Mr Roberts made similar revelations on the “NIB saga” at a luncheon for Garden Hills stalwart councillors Sunday.
Referring to his veteran experience in the private sector, Mr Roberts said he was “aghast” at the level of bonus given Mr Cargill, who he added was already being paid “handsomely” to do his job.
The chairman said that Mr Cargill’s salary and benefits, which he alleged totalled just under $400,000, was the highest for any government job within the past two years.
Mr Roberts added that he had been assured of the accuracy by his sources, who claimed the figure represented the suspended director’s salary, gas and duty allowances, executive bonus, and director fees at Commonwealth Brewery, Cable Bahamas, and Bank of The Bahamas.
Speaking to The Tribune yesterday, Mr Roberts said: “The source of my information should be of no concern to you or anybody else.
“My information comes from sources which are credible.”
According to his sources, Mr Roberts said that at least two members of the former board of directors have stated that they knew “absolutely nothing” about the executive bonuses.
He added that he was also informed that any board minutes detailing necessary approval were not found.
However, a document purporting to be the minutes of a committee meeting held at noon on December 1, 2011, contradicts Mr Roberts.
The minutes, obtained by The Tribune, state that Mr Ward was given approval by the Human Resources Committee of the Board of Directors to negotiate salary increases and performance bonuses with management on the committee’s behalf.
In defence of allegations that the disbursement of bonuses was not transparent, Mr Ward explained that bonuses were approved by the Executive Compensation committee, which was given autonomy through the board of director’s charter to review and approve benefits.
The former chairman maintained that a comparative study of senior executive compensation at both the Bahamas Electricity Corporation and the Bahamas Telecommunications had been undertaken.
“We did a study,” said Mr Ward, “a comparative analysis of similar corporations. We looked at the combination of base salary and all the elements that made up the total compensation package.
“If you look at the General Manager of BEC and compare with director of NIB, or when BTC was government owned, if you look at all of this it shows where we took total compensation.”
Speaking to recommendations made by the Hay Group, Mr Roberts added: “(Consultants) can only make recommendations, that doesn’t mean that they become law or if that was the case why wasn’t it made public before? Why was it done in the dark?
“As l always say, what is done in the dark will come to light,” he said.
Comments
larry 12 years ago
are you telling me that all board members of all government agencies make this type of money where can i get my application form forget about being a member of parliament sign me up.
concernedcitizen 12 years ago
goverment payroll and pensions are 2/3 of our bugdet before we lick a nail or patch one pothole ,,1 in 4 people work for the goverment thats why we have been borrowing money since independance ,,,,,,mathmatically it is a formula that can,t continue ,,we are having babies faster than our GDP will ever grow ,,we will end up like Haiti and Jamaica if we don.,t become sexually responsible ,the choice is ours !!!!!!!!!!!!!!!!!!!!!11if you like sex w/ no responsibility then accept ,poverty ,large ghettos and crime ,,history doesn,t lie
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Ironvelvet 12 years ago
Not taking sides, but the salary that Mr. Cargill was being paid is appropriate for the level of responsibility and qualification required to perform his job. To be frank, he would make even more money if he wasn't working with government. I do not approve of the line "he makes more money than any other govermental official" His job is not a public service job! While his job is "connected" with governmental services the expertise required is just like any other top private corporation.
The type of person who should be running something like NIB should be paid what Mr. Cargill was being paid. You couldn't convince someone who was as QUALIFIED to be the director of NIB to work for the parliamentarian salary.
You pay for what you receive! Mr. Cargill turned around NIB when he started there and has made businesses accountable for NIB insurance for their employees.
It seems as though the current adminstration is upset they don't make Mr. Cargill's level of salary. This is a ploy to gain public support.
dacy 12 years ago
I AM REASSURED THAT THEY ARE SOME INTELLIGENT PEOPLE IN THIS COUNTRY. THIS IS ALL IN AN EFFORT TO DISTRACT PEOPLE ESPECIALLY THE NON-THINKERS AMONG US FROM THE REAL ISSUES....THE PLP WANTS FREE REIGN IN NIB FUNDS....WATCH THOSE CROOKS CAREFULLY WOULD BE MY ADVISE TO ALL!
jackflash 12 years ago
The big thing they have against Cargill is that he made people pay thier NIB! Isn't funny that a particular talk radio host ran with the story when it leaked and all but tarred and feathered Mr. Cargill. The same talk host (radio/paper) what was found out that he wasn't paying NIB when Mr. Cargill came aboard! I bet he ain't paying now as well.
And do MPs pay NIB for thier private compaines? I bet one party does not!!
This may just play out to be a real eye opener!!!
dacy 12 years ago
THE PARTICULAR IS NOT KNOWN FOR PAYING BILLS WITHOUT FOCUS...HE IS A JOKE!
concernedcitizen 12 years ago
Cargill got paid alot but he made NIB collect alot ,,,,,,,Shame Gibson is the minister in charge, does any resonable person have any expectation of NIB being run straight ,,
dacy 12 years ago
HELL NO! IT HAS ALREADY BEEN ANNOUNCED THAT NIB WILL BE FINANCING THE NEXT HOUSING PROJECT, AND WE ALL KNOW WHOSE METHOD OF GET RICH SCHEME THIS IS...NIB THE NATIONAL CASH COW IS NOW IN THE HANDS OF HISTORIC DISHONEST MEN!!
jackbnimble 12 years ago
If you ask me they are all darned crooks! The only idiots in the middle are the poor and hardworking taxpayers. Gone are the days when good citizens actually entered politics to HELP the country. It's more a case of let's help ourselves!
hnhanna 12 years ago
Who is the poor, I see allot of people buying Tummy’s and Jordan’s outfit and then turn around saying they are poor, poor my foot. Numbers houses are always taking from the so call poor, but how could you say are poor when still playing numbers, the rich do not play numbers, they are investment Bankers.
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