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Toronto Centre





Joined: 12 Feb 2011
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PostPosted: Fri Apr 13, 2018 2:45 pm    Post subject: Reply with quote

Buy shares in Hydro One. Hedge your bets and all should be fine.

Not to mention you can vote as a shareholder .

Quote:
that's why people can't understand why the person running this company is being rewarded with one of the biggest salaries in the province


Correction, people dont want to know. Sad for them.
RCO





Joined: 02 Mar 2009
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Location: Ontario

PostPosted: Sat Apr 14, 2018 8:50 am    Post subject: Reply with quote

Toronto Centre wrote:
Buy shares in Hydro One. Hedge your bets and all should be fine.

Not to mention you can vote as a shareholder .

Quote:
that's why people can't understand why the person running this company is being rewarded with one of the biggest salaries in the province


Correction, people dont want to know. Sad for them.



your not getting the point , his salary is way too high , none of the other hydro CEO's at similar operations in other provinces are making $6 million a year

its beyond what anyone would consider reasonable when considering the current situation in Ontario related to hydro prices
RCO





Joined: 02 Mar 2009
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Location: Ontario

PostPosted: Thu Apr 19, 2018 10:06 am    Post subject: Reply with quote

( the hydro board inserted a clause into the CEO contract that allows for him to collect $10 million in severance pay if he is fired )


Doug Ford Calls on the Millionaires Club Running Hydro One to Resign

Published on April 19, 2018

As Premier, I will take immediate action to fire the entire scandal plagued Hydro One CEO and Board, should they fail to resign.

Doug Ford today called on the executives and insiders on the Hydro One Board to resign immediately.


Ford made his call following explosive revelations in the Globe and Mail newspaper. A mere six months before an election that promised to finally bring accountability to the company, the Hydro One Board secretly inserted a poison pill into the contract of the Hydro One CEO, that would allow him to cash in $10 million dollars in severance on the way out the door should he be fired.

“Today in Ontario we have seniors unable to pay the rent and families being forced to choose between heating and eating, all because of the hydro mess,” said Ford. “Now, we are learning that the millionaires club running Hydro One have agreed to Kathleen Wynne’s $6 million dollar man getting an additional $10 million should he be fired.”


Ford also reiterated that he would use every tool at his disposal to remove the CEO and Board from Hydro One, including the prospect of passing retroactive legislation to ensure that these millionaire executives will be blocked from enriching themselves off of the backs of hardworking families and businesses.


“If the CEO and Board at Hydro One have any respect for their customers, for Ontario or for the people, they would resign today,” Ford continued. “If they don’t resign, you’d better believe I’ll be kicking him and them out the door and I will use every tool at my disposal to claw back every single dime they’re taking out of the pockets of the people.”

Ford also pointed out that this latest Hydro One payoff took place under the watch of Kathleen Wynne, who choose to do nothing while hydro cronies and insiders continued to loot the hydro bills of Ontario families.


"Why does Kathleen Wynne continue to spend more time standing up for the fat cat hydro executives on millionaires row than she has ever spent standing up for the families and seniors who can’t pay their bills,” said Ford? “Once again she tries to sweep another scandal under the rug. Once again she will do anything to distract from her record.”

“I’m going to start cleaning up Kathleen Wynne’s hydro mess on Day One,” Ford concluded. “Starting with getting rid of the $6 million dollar man and the other millionaire cronies on the hydro board. Nobody gets to get rich for ripping you off on your hydro bills. We’re the only party that has a plan to clean up the hydro mess and lower hydro bills for the people.”

https://www.ontariopc.ca/doug_ford_calls_on_the_millionaires_club_running_hydro_one_to_resign
Toronto Centre





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PostPosted: Thu Apr 19, 2018 12:04 pm    Post subject: Reply with quote

RCO wrote:



your not getting the point , his salary is way too high ,


He is paid a salary of $1.1M , so obviously NOT too high.

But then again, I bet you didnt know this. No surprise there.

80% of his total compensation comes from achieving benchmarks. Thats where the real money comes into play .
Quote:

none of the other hydro CEO's at similar operations in other provinces are making $6 million a year

Ok. So what?
Should he be paid the same as the guy in PEI ? Nova Scotia?

Quebec?
Quote:

its beyond what anyone would consider reasonable when considering the current situation in Ontario related to hydro prices

LOL....no it is your opinion based on , frankly I have no idea what but you seem to want a paupers salary. Not going to happen based on size and complexity of the job.
Toronto Centre





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PostPosted: Thu Apr 19, 2018 12:07 pm    Post subject: Reply with quote

RCO wrote:
( the hydro board inserted a clause into the CEO contract that allows for him to collect $10 million in severance pay if he is fired )


Gosh...I wonder what I said last weeK?

Oh yeah...
Quote:
Hmm...maybe Dog Ford needs to shut up until after he is elected , at least on this file.

CEO Hydro can call a meeting and institute a golden parachute that Doug will have to pay off.

Dumb.

Seems the folks at Hydro One knew this could happen and got ahead of the game.

Not to forget that firing this guy , hell firing the whole board wont change the prices we pay by a cent.
The Energy Board establishes the rates.

Optics. Sheesh .
RCO





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PostPosted: Thu Apr 19, 2018 12:45 pm    Post subject: Reply with quote

Toronto Centre wrote:
RCO wrote:
( the hydro board inserted a clause into the CEO contract that allows for him to collect $10 million in severance pay if he is fired )


Gosh...I wonder what I said last weeK?

Oh yeah...
Quote:
Hmm...maybe Dog Ford needs to shut up until after he is elected , at least on this file.

CEO Hydro can call a meeting and institute a golden parachute that Doug will have to pay off.

Dumb.

Seems the folks at Hydro One knew this could happen and got ahead of the game.

Not to forget that firing this guy , hell firing the whole board wont change the prices we pay by a cent.
The Energy Board establishes the rates.

Optics. Sheesh .



but why would the board have assumed his firing was coming in the future ? no one had said anything about this until now


clearly they knew the public was upset about the sale of hydro one and upset about high hydro bills


so they decided to get ahead of the game and make sure there all treated well if they are fired and that they all stay wealthy


the firing of the CEO might not lower rates but its a symbolic first step towards fixing the mess created at hydro one by wynne and her crazy decision to sell it , which there was very little public support for
Toronto Centre





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PostPosted: Thu Apr 19, 2018 2:17 pm    Post subject: Reply with quote

RCO wrote:



but why would the board have assumed his firing was coming in the future ? no one had said anything about this until now

Not hard to see the writing on the wall .

I am no fan of golden parachutes but they are very common . So is the poison pill game.
Quote:

clearly they knew the public was upset about the sale of hydro one

Nope. It was a smart move in the medium term although it may come back and bite us.
Quote:
and upset about high hydro bills

Which, as you show us, means they dont have a clue how the rates are set.
Quote:

the firing of the CEO might not lower rates

You can permanently remove the ' might' .
RCO





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PostPosted: Fri Apr 20, 2018 1:46 pm    Post subject: Reply with quote

Wynne Liberals continue to dodge questions on secret backroom deal at Hydro One

Published on April 20, 2018

Yesterday, Kathleen Wynne and the Liberals dodged pointed questions on Hydro One’s secret backroom deals which increased the severance package for the CEO:


•In total, Kathleen Wynne and the Liberals dodged 14 questions from the Ontario PCs on the secret backroom deal.


•Kathleen Wynne passed the first few questions to the Minister of Energy, and then left Question Period early to avoid even more questions.


•In a difficult scrum, Glenn Thibeault refused to answer pointed questions about what he knew and when he knew it.


•Ontario PC Leader Doug Ford wrote a letter to Kathleen Wynne asking for answers and to this point has not received a response.


“What are Kathleen Wynne and the Liberals hiding? Why won’t they answer these straight-forward questions,” said Ontario PC Energy Critic Todd Smith.

“While Ontario families are struggling - being forced to choose between heating and eating - the CEO of Hydro One is raking in $6 million a year. Even that wasn’t enough for him. Behind closed doors, the board of Hydro One voted to let him hold Ontario taxpayers hostage for $10 million in severance,” added Smith.

“Time after time, Kathleen Wynne assured the people we would maintain control of the board, and Ontario still owns 47 per cent. Kathleen Wynne and the Liberals need to come clean today. What did they know, and when did they know it?” concluded Smith.

Questions from Ontario PC Leader Doug Ford to Premier Kathleen Wynne and Glenn Thibeault?

•Did the Liberal government give Hydro One direction to change the severance packages?


•When did you first learn about the changes to the severance packages for the executives at Hydro One?


•When you first learned about these changes what action did you take to ensure the interests of the people of Ontario were represented?


•Will you use Ontario’s leverage as the single largest shareholder at 47 per cent to change these severance packages?


•Do you believe the Board of Hydro One should resign?



https://www.ontariopc.ca/wynne_liberals_continue_to_dodge_questions_on_secret_backroom_deal_at_hydro_one
RCO





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PostPosted: Mon Apr 30, 2018 7:26 pm    Post subject: Reply with quote

( hydro one is now claiming its going to " review " its executive compensation but its not clear what that means , seems like this announcement is about taking the political pressure off wynne and thibeault so they can now say its being reviewed even though he's still making millions $ )



QP Briefing‏ @QPbriefing · 1h1 hour ago

Following intense political pressure led by Doug Ford and the PCs, Hydro One will review its executive compensation practices. #onpoli
RCO





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PostPosted: Wed May 02, 2018 5:50 pm    Post subject: Reply with quote

( after reading the article it appears the "review " is an entire farce and could even lead to higher pay for the CEO as they don't plan to compare his pay to public hydro companies but rather large corporations obviously as a way to justify his salary )


Lower pay for Hydro One executives not a given: Minister

By Marieke Walsh. Published on May 2, 2018 5:15am


Ontario Energy Minister, Glenn Thibeault arrives to speak with the media following the Speech from the Throne, opening the second session of the 41st Parliament of Ontario, in Toronto on Monday Sept. 12, 2016. THE CANADIAN PRESS/Peter Power



One day after calling compensation at Hydro One “unjustifiably generous,” Ontario’s energy minister says a review won’t necessarily lead to lower pay.

On Monday evening the government said it had “urged” the company to review its compensation packages and Hydro One announced it would oblige.


The request for review comes after the board ensured CEO Mayo Schmidt would get millions more on his way out the door if he’s ever fired following a change in control at the company. As first reported by the Globe and Mail, Tory Leader Doug Ford’s pledge to fire the board is one such example of such a change.

The severance change was on top of a 38 per cent increase in pay between 2016 and 2017.

Schmidt was paid $6.2 million last year and if he were fired after a change in control at the company he would be entitled to a $10.7 million severance.

“If it is fair, then so be it,” Energy Minister Glenn Thibeault said about Schmidt’s compensation, even as he called for the review.

His spokesperson Colin Nekolaichuk later clarified that while the government thinks the compensation is too high it “can’t direct the review process.”

Between 2016 and 2017, Hydro One paid $292,203 for Hugessen Consulting to advise it on executive and board compensation. The company wouldn’t say who would conduct the new review or what companies it would be compared to.

The Progressive Conservatives consistently compare Schmidt’s pay to CEO’s of government owned utilities like Hydro Quebec. For example, Hydro Quebec’s CEO Eric Martel earned $543,559 in the same year that Schmidt earned $6.2 million.

But Thibeault said any review wouldn’t be comparing Schmidt’s pay to publicly owned companies like Hydro Quebec. Instead he said it would be to companies like Fortis — in which case the salaries could conceivably go up.

Fortis CEO Barry Perry earned $8.4 million last year and if he is terminated following a change in control at the company his severance is more than double what Schmidt would expect — $24.7 million.

Thibeault said the compensation between the two companies is “similar.”

For its 2017 executive compensation, Hydro One says it compared its executives to 19 other companies including Fortis, AltaGas, TransAlta, Pembina, Emera, Rogers Communications and National Bank. Here’s how they stack up:
•AltaGas: $4.6 million CEO compensation, $8.3 million severance following a change in control
•TransAlta: $4.4 million CEO compensation, $19 million severance following a change in control
•Pembina: $5.8 million CEO compensation, $13.6 million severance following a change in control
•Emera: $5.8 million CEO compensation, $4.4 million severance following a change in control
•Rogers: $13.3 million CEO compensation, no severance following a change in control
•National Bank: $8.6 million CEO compensation, $5.7 million severance following a change in control

Hydro One Chair David Denison said the company would provide an update on the new compensation review “when appropriate.”

https://ipolitics.ca/2018/05/02/lower-pay-for-hydro-one-executives-not-a-given-minister/
Toronto Centre





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PostPosted: Wed May 02, 2018 6:22 pm    Post subject: Reply with quote

RCO wrote:
( after reading the article it appears the "review " is an entire farce and could even lead to higher pay for the CEO as they don't plan to compare his pay to public hydro companies but rather large corporations obviously as a way to justify his salary )

What were you expecting? Anything different? I sure as hell didnt.

It should be compared to large corporations since its a..... large corporation? Comparing CEO of H1 to the CEO of Daves Hardware store would be foolish.

But then...
Quote:

Thibeault said the compensation between the two companies is “similar.”

For its 2017 executive compensation, Hydro One says it compared its executives to 19 other companies including Fortis, AltaGas, TransAlta, Pembina, Emera, Rogers Communications and National Bank. Here’s how they stack up:
•AltaGas: $4.6 million CEO compensation, $8.3 million severance following a change in control
•TransAlta: $4.4 million CEO compensation, $19 million severance following a change in control
•Pembina: $5.8 million CEO compensation, $13.6 million severance following a change in control
•Emera: $5.8 million CEO compensation, $4.4 million severance following a change in control
•Rogers: $13.3 million CEO compensation, no severance following a change in control
•National Bank: $8.6 million CEO compensation, $5.7 million severance following a change in control

...this shows the pay is where it should be.

Sorry, I meant compensation since his pay is actually on the low side.
RCO





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PostPosted: Wed May 02, 2018 6:47 pm    Post subject: Reply with quote

Toronto Centre wrote:
RCO wrote:
( after reading the article it appears the "review " is an entire farce and could even lead to higher pay for the CEO as they don't plan to compare his pay to public hydro companies but rather large corporations obviously as a way to justify his salary )

What were you expecting? Anything different? I sure as hell didnt.

It should be compared to large corporations since its a..... large corporation? Comparing CEO of H1 to the CEO of Daves Hardware store would be foolish.

But then...
Quote:

Thibeault said the compensation between the two companies is “similar.”

For its 2017 executive compensation, Hydro One says it compared its executives to 19 other companies including Fortis, AltaGas, TransAlta, Pembina, Emera, Rogers Communications and National Bank. Here’s how they stack up:
•AltaGas: $4.6 million CEO compensation, $8.3 million severance following a change in control
•TransAlta: $4.4 million CEO compensation, $19 million severance following a change in control
•Pembina: $5.8 million CEO compensation, $13.6 million severance following a change in control
•Emera: $5.8 million CEO compensation, $4.4 million severance following a change in control
•Rogers: $13.3 million CEO compensation, no severance following a change in control
•National Bank: $8.6 million CEO compensation, $5.7 million severance following a change in control

...this shows the pay is where it should be.

Sorry, I meant compensation since his pay is actually on the low side.




its clear the board plans to use these salaries as a way to justify the hydro one CEO's current pay , the review is not about lowering his salary as was originally speculated , its simply a way to justify the salary and keep it at its current level or possibly even raise it further


no one is denying there is CEO's of major companies which are paid well but there private corporations and there pay structure is there own business . Hydro one is still partially owned by the province of Ontario , they have to justify there salaries to the average people who cannot understand why he's paid so much , when so many people are struggling to pay there hydro bills


I'd love to see Glenn Thibeault knock on the door of a constituent in Sudbury and justify this to someone who is struggling to pay there hydro bills , at one time when he was an mp he claimed to represent the little guys , now he justifies insane things like this , he has no credibility and hopefully soon will no longer be an mpp after June 7th
RCO





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PostPosted: Tue May 15, 2018 7:25 am    Post subject: Reply with quote

( its been revealed the board at hydro one gave themselves a sweet little raise recently )


Hydro One's part-time board members gave themselves $25K raises



Ontario power utility's board of directors already under fire for sweetening severance package for executives


Mike Crawley · CBC News · Posted: May 15, 2018 4:00 AM ET | Last Updated: 4 hours ago


David Denison has been the chair of the board of Hydro One since its privatization in 2015. He was previously CEO of the Canada Pension Plan Investment Board.


The board members of Ontario power utility Hydro One voted to boost compensation for their own part-time jobs to $185,000 a year, at a time when the company's share price was falling, CBC News has learned.

This revelation comes amid Ontario's election campaign, where the hot issues include the price of electricity, executive salaries at Hydro One, and the Liberal government's 2015 move to privatize the former Crown corporation.


The raises are mentioned in an information circular provided to shareholders ahead of Tuesday's annual meeting of Hydro One in Toronto, but have not been reported in the media.

The 13 regular board members each received $160,000 in compensation last year, half of it in cash, half in Hydro One shares. The board chair, David Denison, received $260,000, also split between cash and stocks.

The document shows the board approved the following compensation increases (effective since Jan. 1, 2018):
•$70,000 raise for the chair of the board (to $330,000).
•$25,000 raise for regular board members (to $185,000).
•$5,000 raise for directors who chair the audit and human resources committees (to $25,000 above their board compensation).


Mayo Schmidt is president and CEO of Hydro One. (John Woods/Canadian Press)

The board of Hydro One is already under fire for sweetening the severance pay of its top executives. CEO Mayo Schmidt would receive at least $10.7 million if he is fired in the wake of either government intervention with the company or a government move to replace the board.

The Ontario government retains 47 per cent ownership of Hydro One. The government, which appointed all the current directors in 2015, just before the company was floated on the Toronto Stock Exchange, ordered the company last month to revisit the executive severance plan.


PC Leader Doug Ford is vowing to remove the entire board if he is elected premier on June 7, and order the new directors to fire Schmidt. The CEO earned $6.2-million in salary and bonuses last year, prompting Ford to dub him "Kathleen Wynne's $6-million man."

Wynne, the Liberal leader and incumbent premier, has defended the Hydro One privatization as necessary to raise funds to build new infrastructure and transit projects.

NDP Leader Andrea Horwath's platform includes a promise to bring Hydro One back into public hands.


The job of the board of directors is oversight, leaving the day-to-day running of the company to its full-time executives. The directors prepare for and attend monthly board meetings. As part of their mandate, they are required to act "in good faith with a view to the best interests of the company."

In the past year, Hydro One's share price has slid 16 per cent, from $23.02 on May 15, 2017, to $19.28 on Monday.

The information circular for shareholders says the recommendation for boosting the board's compensation came from an independent consultant. The document says the consultant considered director pay at such companies as Air Canada, CN Rail, Rogers Communications and TransCanada Corp and took into account the "size, scale and complexity of Hydro One's businesses."
•Hydro One sale will cost province in long run, says fiscal watchdog

"The increase in directors' compensation will bring the Hydro One board closer to, but still below median of, this broader peer group," says the document.

Hydro One says the current crop of directors has "substantial expertise in the energy and legal sectors, consultancy and construction industries.


Hydro One's board of directors

David Denison (chair)
Ian A. Bourne
Charles Brindamour
​Marc Caira
Christie J. Clark
George L. Cooke
Marianne Harris
James Hinds
Kathryn Jackson (not standing for re-election)
Roberta Jamieson
​Frances Lankin
​Philip Orsino
Jane Peverett
Gale Rubenstein

(all were appointed by the Liberal government in July 2015, ahead of the privatization)

http://www.cbc.ca/news/canada/.....-1.4662385
RCO





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PostPosted: Tue May 15, 2018 7:35 am    Post subject: Reply with quote

Campaign Notebook: Ford takes the fight to Hydro One

By Marieke Walsh. Published on May 15, 2018 5:00am


Ontario PC Leader Doug Ford speaks during a campaign stop in Niagara Falls, Ont., Monday, May 14, 2018. THE CANADIAN PRESS/Tara Walton



Progressive Conservative Leader Doug Ford is parking his campaign at Hydro One’s front door Tuesday. Hydro rates and lucrative executive compensation are red meat for voters and Ford successfully made Hydro One the story for several days in the lead up to the official start of the campaign. On day seven of the Ontario election




https://ipolitics.ca/2018/05/15/campaign-notebook-ford-takes-the-fight-to-hydro-one/
RCO





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PostPosted: Tue May 15, 2018 12:44 pm    Post subject: Reply with quote

Hydro One calls its executive pay ‘appropriate,’ Ford says it’s ‘gouging taxpayers’

By Marieke Walsh. Published on May 15, 2018 1:30pm


THE CANADIAN PRESS/Darren Calabrese



TORONTO — Hydro One says its promised review of executive compensation isn’t a “sham” even as it calls the current pay “appropriate.”

“We believe that the level of compensation is appropriate,” Board Chair David Denison said about CEO Mayo Schmidt’s $6.2 million pay and the board’s own pay increases.

Following their annual general meeting in Toronto on Tuesday, Denison and Schmidt spoke to reporters for the first time since Progressive Conservative Leader Doug Ford called on them to resign and promised to fire the board and CEO if he wins government.

Falling in the middle of a vicious provincial election campaign, Ford capitalized on the AGM by holding a rally outside it’s doors to remind voters about the increases in pay that both Schmidt and the board received last year.

“They’re gouging the taxpayers as they’re lining their pockets and feathering their nests,” Ford said about Hydro One.

Ford has channeled voter anger about electricity prices into a defining election issue. Premier Kathleen Wynne privatized the once government-owned company and saw hydro rates skyrocket before cutting them by 25 per cent last year. She has previously called her handling of the file a “mistake.”

Ford’s sparsely attended rally included at least one Tory candidate, campaign volunteers, Ford supporters and other people who refused to say whether they were affiliated with the campaign.

Even if he forms government Ford can’t fire Schmidt directly, but one man at the rally who said he was a campaign volunteer said he still had “faith” in Ford on the hydro file.

The rally also included a lone counter-protester. David Mitges said Ford’s plan to fire the board is “dead wrong” and will cost even more money through severance.

“We’re going to be in a bigger and bigger mess,” he said about Ford’s plan.

Compensation review not a ‘sham’: Hydro One

Hydro One has agreed to review executive and board compensation which it is defending and says is in line with compensation for executives of other publicly traded companies.

“It’s not a sham,” Denison said about the pending review. Which he said will help “determine what if any changes” are “appropriate.”

Since the power utility was privatized, compensation at the company has surged. Last year, Schmidt’s pay increased 38 per cent and his severance (in the event that he’s fired following a change in control at the company) shot up to $10.7 million.


On top of that the board increased it’s own pay by $25,000 last year to $185,000. And as chair, Denison’s pay was increased by $70,000 to $330,000. Denison told reporters even with the changes, their compensation is still below the market median.

He said the raises move board compensation to “about” the 35th percentile.

He said the Progressive Conservative’s comparisons to the much lower pay enjoyed by CEOs of government-owned power utilities like Hydro Quebec are off the mark.

“We operate in the private sector and consequently all our benchmarking for both executive compensation and our other benchmarking is appropriately done in the private sector,” Denison said.

Speaking to reporters in Waterloo, Ont., Wynne said it’s unacceptable that Hydro One’s board decided to give themselves pay increases and that’s why her government pushed for a review of the utility’s compensation package.


New Democrat Peter Tabuns says the NDP plan to buy back shares of Hydro One to return it to public control is the only way to stop millionaires from looking after themselves.

Schmidt said Tuesday that he recognizes the electricity company has become a “lightning rod” for criticism.

“We’re quite frankly looking forward to getting through the election,” Schmidt told analysts on a conference call ahead of the shareholders meeting. “We don’t have a view or a bias in that election … but we’re not losing our focus as an organization in the meantime.”

As a private-sector, publicly traded corporation, Hydro One’s compensation policies are determined by its board of directors. The province has a 47 per cent stake in the company. It will go down to a 42 per cent stake once Hydro One’s acquisition of Avista goes through, some time this year.

Asked about Ford’s threats to fire the board, Denison told shareholders “we really do believe and feel and expect that calmer heads will prevail.”

Ontario’s election takes place June 7.


https://ipolitics.ca/2018/05/15/wynne-says-review-of-hydro-one-pay-will-include-raises-for-board-of-directors/
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Hydro One CEO's gets a nice raise in 2017

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