Released on August 27, 2021
Executive Compensation Remains Steady
Crown Investments Corporation (CIC) submitted the 2020-21 Payee Disclosure Report for CIC and its subsidiary Crown corporations to The Standing Committee on Crown and Central Agencies today.
"The Crown sector provides safe, reliable and cost-effective public utilities and services to the people of Saskatchewan," Crown Investments Corporation Minister Don Morgan said. "It's important to be open and transparent with how earnings are invested back into those services, into Saskatchewan people, and our communities. This report provides the opportunity to do just that."
Total sector compensation for the period was comparable to 2019-20 at just over $1 billion. Of that, 2020-21 executive compensation totaled $19.8 million - a 3 per cent decrease compared to 2019-20. Overall, executive compensation has decreased by 21 per cent since 2017-18. Going forward, Crown executive compensation will see reduced salary holdback payments between 6.7 to 25 per cent of base salaries. Total executive compensation reductions are estimated to be $1.82 million per year based on this change. These results will be reported in the 2022-23 Payee Disclosure Report.
The 2020-21 report also now properly addresses the Executive category, including only those classified under the executive compensation plan. Some senior management employees who were previously listed under the Executive category are now properly listed under the Other Employees section.
Continuing to reinvest earnings back into Saskatchewan, the 2020-21 report shows the Crown sector provided approx. $10.8 million in community support through grants, contributions, donations and sponsorships.
Despite the pandemic, $5.7 billion in payments were made to suppliers and others primarily for products and services, up slightly from $5.6 billion in the previous year. Municipalities once again received $21 million from the sector through grants-in-lieu of property taxes, matching payments made in 2019-20.
The information is prepared in accordance with the Standing Committee's guidelines established in 2003. The report lists detailed information for CIC and each of its subsidiary Crown corporations under the following categories:
- ministerial and board member payments for expenses;
- payments to suppliers for goods and services, as well as other payees who received more than $50,000;
- employees who received more than $50,000 in compensation; and
- grants, contributions, donations and sponsorships greater than $5,000.
The report discloses amounts paid during the April 1 - March 31 fiscal year. Amounts earned by or owing to suppliers and/or employees but paid in a different fiscal year are not included. For this reason, caution should be exercised when making year over year comparisons.
The report is available on CIC's website at www.cicorp.sk.ca in the Reports and Publications section.
For more information, contact:
Crown Investments Corporation of Saskatchewan (CIC)