Half million dollar salary for new BC Ferries boss

BC Ferries' new CEO Mike Corriganwill receive generous benefitsin addition to more than half a million dollars a year in total compensation far less than whathis predecessor earned, but still more than the average senior public sector salary.

Following widespreadoutcry last year over former CEO David Hahn's million-dollar compensationpackage, B.C. introduced stricter rules for public sector executive salaries.

The law now says the BC Ferries CEO should make no more than other public sector employees performing similar services. It also places a severance limit of 18 months'salary for dismissal without cause.

But, as BC Ferries is not a crown corporation and operates at arm's length from government, different laws apply.

Corrigan will beentitled to 24 months' worth of salary incompensation if he is terminated without cause.

He will also receive an annual salary of $364,000 plus benefits and performance pay that could bring his total annual compensationup to $563,000.

Corrigan's benefits includea vehicle allowance of $1,200 a month, plus fuel and insurance.

BC Ferries chair Donald Hayes said taxpayers are getting good value for the money spent on the new CEO.

"This is a highly complex business with revenue around the $700-million mark and it takes a skilledexecutive," Hayes said.

"I think we are very fortunate to have someone of Mr. Corrigan's calibre within this compensation limit."

Corrigan's contract as CEO extends until 2017, and then he is toremaina consultant to BC Ferries for one year before retiring.

The details ofCorrigan's contract with the ferry corporation were obtained by CBC News following a request filedunder B.C.'s Freedom of Information and Protection of Privacy Act.