November 30, 2006
The Government of Saskatchewan is implementing a compensation plan that is designed to support the retention and recruitment of senior executives for the province's Crown corporations.
"Saskatchewan's Crowns are now better positioned to compete with other public and private sector organizations for high-quality managerial talent," Crown Investments Corporation (CIC) Minister Maynard Sonntag said. "This is also the first major overhaul of the compensation plan for Crown executives since 1992. If we are going to attract and retain high-quality senior managers, it is important the plan was updated to reflect market conditions."
The new compensation plan will affect 64 positions, and will result in an average base salary increase of 5.5 per cent. In addition, the new plan will introduce short-term performance incentives for senior executives who reach clearly defined corporate targets.
"The introduction of short-term performance incentives will bring the executive compensation plan for our Crowns more closely in line with other public and private sector organizations," Sonntag said. "These incentives will be based strictly on merit and adhere to a rigorous set of performance criteria that will be monitored regularly."
By 2008, the new compensation plan could result in an overall cost increase for the Crowns of up to $1.2 million annually, or about 10 per cent. This includes increases to base pay, benefits and the introduction of short-term performance incentives.
The effective date for the plan is December 1, 2006.
For More Information, contact:
Crown Investments Corporation
Phone: (306) 787-5889