P3 boss in line for big bonus

by Russ Francis on March 9th, 2006 at 9:00 AM

The chief executive officer of Partnerships BC, Larry Blain, is entitled to total annual compensation of almost $600,000, plus expenses, under a bonus scheme established when he joined the Crown corporation three years ago.

Last week, following a Georgia Straight request, Partnerships BC provided a copy of his contract, which was signed on January 3, 2003.

Blain, formerly managing director of RBC Capital Markets, was also a member of the B.C. Liberals' 2001 transition team.

His beginning pay was $320,000, but on May 26, 2005, this was increased to $329,600, retroactive to April 1, 2005.

On top of this base pay, plus $10,000 car allowance, Blain is entitled to a bonus of up to an additional 80 percent, or $263,680. In other words, his total pay could reach $593,280.

Blain's contract refers to a "target" for his bonus.

"You will be entitled to performance pay in the range of 0 percent to 80 percent," the contract reads. "The target performance pay for your position is 50 percent. If you receive a performance evaluation which confirms that you have 'met expectations' and the corporation is confirmed as having 'met expectations,' you will receive the target performance payment."

Blain's severance pay is specified as a "minimum of 1 x previous year's total annual compensation (total salary plus performance pay) and as otherwise outlined in the Public Sector Employers Act." Because financial statements for the current fiscal year, which ends on March 31, won't be released until next fall, Blain's total income for 2005-06 is unknown. As reported earlier in this space, for the 2004-05 fiscal year Blain's pay totalled $499,132, plus $40,524 in expenses.

On the other hand, let's not forget the importance of Partnership BC's mission, which is to save the government money by promoting public-private-partnerships.

According to the corporation's Web site, public-private partnerships are intended "to modernize government to find more efficient and effective approaches to the provision of services and infrastructure in support of health care, transportation and other priority programs in the province."