Ontario POs Take Control of Hydro One Executives Salaries

TORONTO – Ontario's new Progressive Conservative government introduced a bill Monday to give Hydro One new powers in executive compensation.

Energy Minister Greg Rickford introduced the bill

The Hydro One Board of Directors should establish a new compensation framework for the Chief Executive Officer and the board of directors, in consultation with the province and the five largest shareholders of the partially privatized corporation

The Ontario Energy Board should also exclude Hydro's executive compensation One or its subsidiaries

The government stated that the bill [traduction] "would improve the transparency and accountability" of the partially privatized corporation. legislation was introduced less than a week after the retirement of the former CEO of Hydro One and the CEOs resigned as a result of an election promise by Premier Doug Ford to fire them.

"The CEO of hydropower is gone," Ford said in the Legislature Monday morning. "The board is gone, we're turning the page on electricity rates."

Mayo Schmidt, former CEO of Hydro One, earning $ 6.2 million 39; last year, became an element of resentment at the rise in electricity rates

Schmidt, which Ford called "the man of six million", would have been entitled to a severance payment d & # 39; At least $ 10.7 million had been removed from office by the board of directors, according to the company's annual report of shareholders was released March 29.

Under the agreement with the new Conservative government, Schmidt was not entitled to severance pay and received a lump sum payment of $ 400,000 to replace all post-retirement benefits. . But the opposition noted that Ford downplayed the fact that Schmidt also qualified for incentives and stock options worth at least $ 9 million in retirement

" This deal will take what it calls the Six Million Dollar man a trajectory to surpbad a nine million dollar man, "said NDP Leader Andrea Horwath." This is not a good deal for Ontarians. "

Ford told the Legislature that Schmidt's stock option did not differ from that of other Hydro One retirees

Hydro One was partially privatized in November 2015. In December 2017, the province sold 53% of its interest

The bill introduced Monday would require Hydro One to publish any proposed changes to compensation for at least 30 days before the date on which it requests the approval of the Government [19659017] The omnibus bill would also pbad a back-to-work legislation to end a strike at York University in Toronto.

The labor dispute at the University of Toronto saw 3,000 contract teachers and teaching and research badistants leave the scene. and job security on March 5th.

CUPE Ontario President Fred Hahn, who represents the striking workers, said that if the government legislated the end of the labor dispute, it could end up in the courts.

The law would also cancel the White Pines Wind Project in eastern Ontario, which the government promised last week when it set out its top priorities for the session.

The law would also authorize the government to pay WPD Canada. The company has suggested that it could be greater than $ 100 million.

The bill also contains a clause which, according to the government, will render it immune from civil prosecution

"We will take steps to ensure that the Crown is mitigated or that serious elements The law ensures that these costs are as low as they can be, Rickford said. "There will be some."