RA board approves review of commissioners’ remuneration
The level of compensation paid to commissioners of the Regulatory Authority of Bermuda is to be reviewed.
The RA board of commissioners has given approval for an updated benchmarking review of their remuneration to be conducted by KPMG Advisory Services Limited.
The move follows a 33 per cent cut in the monthly payments for commissioners, which occurred in May and meant the remuneration for board members, except for the chairman, fell from $9,000 to $6,000 per month.
The board of commissioners, three of whom took up their appointments with the RA on June 1, took exception to the way the reduction was done, and called the “purported actions” and “alleged approvals” surrounding the matter “invalid”.
At its meeting on Thursday, the RA board of commissioners resolved to approve KPMG to conduct the updated benchmarking review of remuneration. Commissioners Phil Perinchief, Dion Smith, Gregory Swan and Michael Wells voted for the review, while Mark Fields, chairman and commissioner, voted against.
The RA is an independent organisation that regulates the island’s electronic communications and electricity sectors.