Bud Purves, Chair of the Board of Directors, and Greg Spearn, Interim President and CEO, have released the following statement concerning changes to the executive compensation framework at Toronto Community Housing.
"Based on a directive from the City, earlier this year the Board of Directors conducted an independent review of executive compensation at Toronto Community Housing. As part of this review, the Board with the assistance of external counsel developed revised employment contracts for all members of the executive team. These revised contracts are generally aligned with the City of Toronto salary bands and eliminate performance bonus clauses in the existing contracts, which ranged from 10 to 20 per cent of base salary.
"This morning the Board approved the terms of four new employment contracts, including for three officers of the corporation, that accomplish both goals. All other executive employment contracts will be similarly changed prior to December 31, 2015.
"The Board had previously approved a pay-for-performance model for all other management and exempt employees that aligns with the model used by the City of Toronto, which has a range from zero to 4.5 per cent. Going forward, all Toronto Community Housing executives will be part of that same program."
About Toronto Community Housing
Toronto Community Housing
provides homes for nearly 60,000 households with low and moderate incomes. In working to provide clean, safe, well-maintained, affordable housing, Toronto Community Housing builds better homes, better neighbourhoods and a better Toronto for all.
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