Crown corporation executives have pay cut by Government of Saskatchewan

Pay cuts are in the works for those at the top of Saskatchewan’s Crown corporations.

Compensation for these executives was not in sync with public expectations, especially during “difficult economic times associated with our recovery from the COVID-19 pandemic,” Don Morgan, Crown Investments Minister and Minister Responsible for all Major Crowns, said in a news release.

A portion of the salaries paid to CEOs and vice presidents known as salary holdbacks is being reduced by 66.7 per cent. A salary holdback is an incentive and makes up between 10 and 25 per cent of an executive’s cash compensation. Holdbacks are being cut entirely for executives of the Crown Investments Corporation (CIC).

The changes apply to 54 executives at eight Crown corporations including CIC, SaskPower, SaskEnergy, SaskTel, SGI, SaskWater, SOCO and SaskGaming.

These executives will experience cuts to their base salary of between 6.7 and 25 per cent. Individuals could see a cut of $9,400 a year all the way up to $111,000 a year for those at the top of their salary bands, depending on where they work and their managerial level.

This is estimated to save about $1.82 million a year.