The board of insurance company Pinnacol Assurance has voted to strip CEO Kenneth Ross of his bonus for 2010.
The Denver Post reports the board of the state-chartered workers’ compensation insurer made its decision Mar. 2 regarding the $163,115 bonus.
Pinnacol came under scrutiny last year after executives and board members hosted an agent incentive trip to Pebble Beach resort in California. The trip cost more than $300,000 and included rooms at $1,400 a night for Ross and three board members.
Pinnacol’s board is appointed by the governor, but it operates largely like a private insurer. It is required to cover employers that private insurers won’t cover and is exempt from paying state taxes.
Pinnacol has defended its executive pay and incentive trips as modest compared to its competitors.
Information from: The Denver Post
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