August 5, 2015 by admin

Inaugural TTC HR committee meeting to discuss executive bonuses, benefits

Toronto:Members of the Toronto Transit Commission’s human resources and labour relations committee will discuss a city-wide plan to review the pension, benefits and bonus pay of top executives at their first-ever meeting Wednesday afternoon.
The committee will vote Wednesday on whether to hire a consultant to develop an executive compensation plan, similar to those approved by other city agencies, between now and the end of October.
According to a motion adopted by city council last August, all city boards must pass a senior executive compensation policy that limits merit or incentive pay to 25 per cent of an individual’s base salary, restricts employer contributions to pension plans to the equivalent employee contribution, and examines benefits offered to senior management.
The TTC proposes hiring consultants Hay Group to guide them to develop the policy, using interviews with TTC executives, a comparator group of similar public bodies and other guides.
Developing the policy is expected to cost $60,000.
The Committee is made up of TTC Chair Josh Colle, Vice-Chair Alan Heisey and Commissioner Joe Mihevc. They are scheduled to meet Wednesday at the TTC head office in North York.