The province of Ontario has released the annual Sunshine List, revealing significant salary increases for some.
Under the Public Sector Salary Disclosure Act, which was passed in 1996, the province is required to disclose the annual salaries from the previous year of all public employees who earn an annual salary of over $100,000. This list includes people who work for hospitals, municipalities, public schools, colleges, and universities.
There were a total of 115,431 names on the list, an increase from the 111,655 from last year. Of these names, 3,288 were from U of T. Twenty were from the University of St. Michael’s College, 34 from Victoria University, and 14 from Trinity College. These colleges are listed separately under the Sunshine List as they are federated with U of T.
U of T president Meric Gertler took home $438,892.04, making him the university’s ninth highest paid employee. Of the top 20 highest salaries at U of T, 12 of the names are affiliated with the Rotman School of Management and six are employed by the University of Toronto Asset Management Corporation (UTAM), which is responsible for handling the university’s investments, pension funds, and endowments.
UTAM chief executive officer William Moriarty’s salary was $1,473,445.98, making him Ontario’s second highest-paid public employee and the highest paid at U of T. This is just behind Ontario Power Generation CEO Thomas Mitchell’s who earns $1,528,933.36. Moriarty has seen significant pay increased in the last two years; his salary was $772,547 in 2013, $937,500 in 2014.
According to Althea Blackburn-Evans, who is the university’s news & media relations director, this can be attributed to Moriarty’s bonuses, which were also delayed from the previous year.
“UTAM’s compensation policy provides for incentive bonuses that are calculated in relation to the performance of various components of UTAM’s investment portfolio,” said Blackburn-Evans, in an email to The Varsity, “Also, because of a delay in payments being processed, several senior officials of UTAM, including Mr. Moriarty, received their 2014 bonuses in 2015. Those bonuses are normally paid in the same year as they are earned.”
On Mach 21, Moriarty announced his retirement from UTAM, which is effective April 15.
“Timing is never an easy decision in the investment management business but I believe that the time is now right for me to step down from my job as President and CEO of UTAM,” he told U of T News.