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2004 Annual Report and 2005-2007 Service Plan
Working to Make a Difference
Message from the Chair and the President
Annual Report Links
- Complete Annual Report
- Statistics 2004
- Executive Summary (PDF 324kb)
- Statement of Changes in Rate Group Balances - On Funding Policy Basis (Smoothed Value)
In many ways 2004 was a turning point for WorkSafeBC, as we moved away from our traditional business structure toward a more service-centered approach. During the year we completely realigned our resources, programs, and business teams in order to improve cross-divisional communication, simplify stakeholder interactions, and deliver enhanced service customized by industry type. We also introduced a new long-term strategic plan that will guide WorkSafeBC through 2010 and beyond. These changes represent important milestones in our continuing evolution and we will build on these accomplishments as we move forward.
We met or surpassed most of our performance targets in 2004. The provincial injury rate remained essentially flat, with 3.08 short-term disability claims per 100 person-years of employment. B.C.’s average employer premium rate remained among the lowest in Canada, with a 0.7 percent increase in the aggregate rate to $1.96 per $100 of assessable payroll. We surpassed our target for employers’ ratings of service and improved our service ratings from injured workers as well (though we were slightly below target). And public confidence in WorkSafeBC hit an all-time high of 74 percent positive.
Financially speaking, 2004 was another strong year for WorkSafeBC. We achieved an operating surplus of $280 million, an increase of $125 million over 2003. Changes to accounting rules introduced by the Canadian Accounting Standards Board reduced the reported operating surplus from $340 million to the $280 million indicated above but then added $390 million of "other comprehensive income" arising from the fair market valuation of net unrealized gains on investments. For important information about this accounting change, refer to the financial section of the annual report.
We accomplished a great deal over the last year, but none of our milestones could have been achieved without the contributions of workers, employers, and our dedicated staff. Looking ahead, we will continue to work with our partners to find new and better ways of doing business. Together we will achieve our shared vision of workers and workplaces safe and secure from injury, illness, and disease.
