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UWO president’s platinum handshake

Gets 3 pensions—but his $700,000 “retiring allowance” is half that of McMaster’s prez


 

University of Western Ontario President Paul Davenport will receive hundreds of thousands of dollars a year in retirement and termination benefits, according to details in his contract released by the university today.

Read Davenport’s entire contract yourself and read our coverage of McMaster president Peter George’s retirement package.

Davenport — who became president of UWO in 1996 — will collect a regular university pension, as well as what the contract describes as a “Supplemental Pension Arrangement” and a “Special Executive Pension.”

According to the contract, since 1996, “an amount of 5% of salary” has been “credited annually on Dr. Davenport’s behalf to the Supplemental Pension Arrangement.” In addition, the “Special Executive Pension” will pay him $123,030/year if he beings drawing from it after his 65th birthday.

The contract does not specify the amount of his regular pension or how the five per cent credit will increase this pension.

When Davenport’s contract as president ends in 2009, he will receive a retirement allowance worth two years of his final base salary. His salary last year was $355,890. This retirement allowance will be paid in monthly installments for 24 months, starting on July 1, 2009. The contract does not reveal what his 2008-09 salary will be; if it is in line with his 2007 salary, Davenport will receive a retirement allowance of somewhat more than $700,000. (By comparison, President Peter George’s retirement allowance at McMaster will be $1.4 million).

The contract also provides that, during his tenure as president, Davenport shall live rent-free in the university’s Gibbons Lodge. This benefit is declared in Davenport’s yearly tax returns. The nominal value of this accommodation is not listed in the contract.


 

UWO president’s platinum handshake

  1. Pingback: UWO to release president’s contract : Macleans OnCampus

  2. UWO’s contract with Davenport doesn’t seem to have all the extra’s that McMaster’s does. There are no golf club fees or personal financial advisor fees paid by the university. Since the standard pension at Ontario universities is capped by law at about $2200 per year of service, his pension appears to be below that of McMaster’s President even after you add all 3 pensions together. Also the “retirement allowance” at least appears to be above board and paid in the years immediately following retirement.

  3. Hey Catherine,

    I’m going to shock everyone but stating that George’s memberships in the Hamilton Club and Hamilton Golf & Country are justifiable. There are fund raising opportunities at those locations.

    The personal financial advisor fees are questionable in my opinion. At his rate of pay, Dr. George can afford his own wealth management.

  4. Pingback: All the presidents’ contracts : Macleans OnCampus

  5. I think this is absolutely sickening. This is akin to the AIG debacle in the US. Particularly since the University of Western has lost $41 million playing the stocks game with its budget and is now in a situation that it has to lay people off and has offered buyout plans to its staff and faculty. Right! Buyout plans of about $52,000 at a time when the average person’s pension has dropped in value by more than $100,000!

    I was myself laid off by Western and I find this kind of arrangement with the outgoing president of a Canadian university to be appalling. And with the same length of service as Davenport, 15 years, I have to be in the wind looking for a job in a market such as we find it.

    “It’s good to be King!”

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