Published on December 13, 2017
The Broader Public Sector Executive Compensation Act (BPSECA), introduced in 2014, authorizes the government to establish compensation frameworks to manage executive compensation in the Broader Public Sector (BPS), and sets out principles that all designated employers must follow. Following consultation with multiple stakeholders in the BPS, the province introduced Ontario Regulation 304/16 in support of the BPSECA, effective September 6, 2016.
Initially, the Regulation required all BPS employers to have a compensation framework in place for designated executives by September 5, 2017; however, the timeline was amended on June 9, 2017 with the issuance of a directive from the Treasury Board Secretariat (TBS). The TBS directive included updated requirements and a deadline of September 29, 2017 for submission of draft programs to the Ministry of Advanced Education and Skills Development (MAESD) for review and approval to proceed into a 30-day public consultation period.
The University of Waterloo has developed a Draft Executive Compensation Framework (PDF), which has been approved as compliant by both the MAESD and TBS, and has been approved by the Board of Governors. The program outlines the compensation arrangements for the designated executives of the University, specifically the President and Vice-Chancellor, as well as the five Vice-Presidents.
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