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Former Hydro One CEO, Mayo Schmidt, will earn much more money than Prime Minister Doug Ford announced when he announced the retirement of Schmidt Thursday.
Ford claims that Schmidt will only receive $ 400,000 instead of the $ 10.7 million his contract does not take into account that Schmidt will retain his stock options and other incentives granted under of his senior executive compensation program
"Mr. Schmidt will be entitled to all compensation, benefits, rewards and other", reads the agreement that led to the resignation of the entire Board of Directors. And the retirement of Schmidt as CEO.
The agreement signed by David Denison, former president of Hydro One and Ontario Energy Minister Greg Rickford, states that Schmidt has agreed to retire, he is still entitled to pension benefits and various shares of the publicly traded company, in addition to the $ 40. All in all, Schmidt could get closer to the man of 10 million Hydro One dollars, instead of 6 millet man dollars that Ford had given him during the election campaign.
Ontario Premier Doug Ford fired Mayo Schmidt. He called the man $ 6 million key promise during the 2018 election campaign. (Christopher Katsarov / Canadian Press)
Opposition Leader Andrea Horwath criticized Ford's decision.
"I think it's clear that Mr. Ford has been trying to keep this output consistent with his message rather than what's really going on," Horwath told CBC Toronto.
The Ford office said the deal put taxpayers first and ended up saving them money.
"S & he had continued to serve as CEO of Hydro One his stock opti The government reportedly announced an increase in its workforce and, under the leadership of this government, this will not happen, said his office in A News Release
Since the announcement of the deal on Wednesday, Hydro One shares have fallen on the Toronto Stock Exchange. ] Exact number unknown
It is unclear exactly what Schmidt might receive.
Richard Leblanc, Professor of Law, Governance and Ethics at York University, believes the total is closer to $ 8 million and an badysis of the Globe and Mail found the value of Schmidt's current holdings at $ 9 million of dollars
Richard Leblanc, professor of law, ethics and governance at York University, believes that Schmidt will bring over $ 8 million to retirement
Leblanc says that the confusion shows that executive compensation should be more transparent.
"There should be complete, truthful and clear disclosure," he said.
"We should not need a doctorate to understand what this person wins. "
Leblanc b Elieves Ford now has a chance not only to ensure transparency at Hydro One, but also to limit executive pay.
" Ford now has the opportunity to set up good directors with strong business experience, who are not political appointees, who have expertise in energy and who can lower rates for taxpayers and curb executive pay, "he said. said
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