By AVA TURNQUEST

Tribune Staff Reporter

aturnquest@Tribunemedia.net

TOTAL compensation awarded to suspended director Algernon Cargill was in line with packages received by senior executives at government agencies of similar size, former chairman Patrick Ward said yesterday.

The report by the Hay Group, obtained by The Tribune last night, found that “overall NIB senior management salaries are not competitive” with the salary of other senior public servants.

The report recommended in 2009 that Mr Cargill make an average annual salary of $247,500.

According to Progressive Liberal Party National Chairman Bradley Roberts, Mr Cargill’s base salary is $178,000.

Bonuses awarded to eight NIB senior executives and a contracted worker over a three-year period were made public last week.

According to the information, which was also posted on a tabloid website, executives were awarded a total sum of $723,333 in six payments.
Mr Roberts made similar revelations on the “NIB saga” at a luncheon for Garden Hills stalwart councillors Sunday.

Referring to his veteran experience in the private sector, Mr Roberts said he was “aghast” at the level of bonus given Mr Cargill, who he added was already being paid “handsomely” to do his job.

The chairman said that Mr Cargill’s salary and benefits, which he alleged totalled just under $400,000, was the highest for any government job within the past two years.

Mr Roberts added that he had been assured of the accuracy by his sources, who claimed the figure represented the suspended director’s salary, gas and duty allowances, executive bonus, and director fees at Commonwealth Brewery, Cable Bahamas, and Bank of The Bahamas.

Speaking to The Tribune yesterday, Mr Roberts said: “The source of my information should be of no concern to you or anybody else.

“My information comes from sources which are credible.”

According to his sources, Mr Roberts said that at least two members of the former board of directors have stated that they knew “absolutely nothing” about the executive bonuses.

He added that he was also informed that any board minutes detailing necessary approval were not found.

However, a document purporting to be the minutes of a committee meeting held at noon on December 1, 2011, contradicts Mr Roberts.

The minutes, obtained by The Tribune, state that Mr Ward was given approval by the Human Resources Committee of the Board of Directors to negotiate salary increases and performance bonuses with management on the committee’s behalf.

In defence of allegations that the disbursement of bonuses was not transparent, Mr Ward explained that bonuses were approved by the Executive Compensation committee, which was given autonomy through the board of director’s charter to review and approve benefits.

The former chairman maintained that a comparative study of senior executive compensation at both the Bahamas Electricity Corporation and the Bahamas Telecommunications had been undertaken.

“We did a study,” said Mr Ward, “a comparative analysis of similar corporations. We looked at the combination of base salary and all the elements that made up the total compensation package.

“If you look at the General Manager of BEC and compare with director of NIB, or when BTC was government owned, if you look at all of this it shows where we took total compensation.”

Speaking to recommendations made by the Hay Group, Mr Roberts added: “(Consultants) can only make recommendations, that doesn’t mean that they become law or if that was the case why wasn’t it made public before? Why was it done in the dark?

“As l always say, what is done in the dark will come to light,” he said.