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RCO





Joined: 02 Mar 2009
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Location: Ontario

PostPosted: Wed Mar 29, 2017 7:56 am    Post subject: 5 Hydro One executives share $11 million in compensation Reply with quote

( like seriously when half the province cannot even afford to pay there hydro bills ? )


Five Hydro One executives shared $11 million in compensation


The power utility is no longer part of the sunshine list but under Ontario law top executive salaries must be made public.


Hydro One CEO Mayo Schmidt received $4.84 million in cash and incentives last year.



By Rob FergusonQueen's Park Bureau

Tues., March 28, 2017



The five-member executive team at Hydro One shared more than $11 million in compensation last year, a number the Progressive Conservatives are calling “astronomical.”

But the utility points out that the executives cut costs by more than $25 million.

The salary details were released in the partially privatized company’s annual information form, detailing $4.84 million in cash and incentives last year for chief executive officer Mayo Schmidt.

In total, the top five executives hired from companies such as Maple Leaf Foods, Westjet and Pacific Gas & Electric shared more than $11 million. Schmidt’s base salary was unchanged at $850,000.

“At a time when Ontario ratepayers are hurting, this kind of compensation is not only undeserving, it’s a slap in the face,” said Conservative MPP Todd Smith, his party’s energy critic.


“In a year where tens of thousands of Hydro One customers were disconnected and hundreds of thousands were found to be in arrears because of uncontrolled hydro prices, executive salaries…hit astronomical new highs.”

With Hydro One no longer subject to salary disclosure on the province’s annual “sunshine list” of public sector workers earning more than $100,000 — due out later this week — Smith said taxpayers now have no way of knowing how big the “millionaire’s club” at the company has become.

Salaries of a publicly traded company’s top five executives must be made public under Ontario securities laws.

Energy Minister Glenn Thibeault defended the pay packages and the partial privatization of Hydro One, in which the government has sold 30 per cent of its shares with another 30 per cent to go. The sale is aimed at raising $9 billion to fund transit, other infrastructure and reduce hydro system debt.

“It’s a publicly traded company now so the shareholders in this will have to judge where they see the CEO taking the company,” Thibeault told reporters.

“They are a better-run company….they’re really focusing on customer service.”

Ontarians who have been “scraping by” to pay their hydro bills will get relief this summer when the bulk of a promised 25 per cent rate cut kicks in, Thibeault said.

The province has already waived its 8 per cent share of the HST on electricity bills, which took effect in January.

In the information form, Hydro One said Schmidt made “significant progress” to making the utility more customer-oriented, saving $1.8 million on billing improvements, answering 78 per cent of customer calls within 30 seconds and reducing overdue billings by 21 per cent or $31 million.

“Eighty per cent of our CEO’s compensation is contingent on meeting aggressive and very specific performance targets,” Hydro One said in a statement.

“To date, the new leadership team has reduced costs within the company by far more than their salaries and they are committed to continuing to find savings for our customers.”

The Conservatives and New Democrats kept up the pressure on the government over its radio ads on the promised 25 per cent rate cut, which will cost $25 billion in interest payments over the next three decades.

Opposition parties maintain the ads are inappropriate because legislation on the rate cut has not yet been introduced — let alone voted on — by MPPs.

https://www.thestar.com/news/queenspark/2017/03/28/five-hydro-one-executives-shared-11-million-in-compensation.html
RCO





Joined: 02 Mar 2009
Posts: 6727
Reputation: 239.8
votes: 3
Location: Ontario

PostPosted: Fri Mar 31, 2017 7:29 am    Post subject: Reply with quote

March 30, 2017 3:06 pm Updated: March 30, 2017 5:38 pm

Hydro One CEO $4.5M salary ‘not part of the equation’ of cutting electric bills: minister


By Allison Jones The Canadian Press



New filings show that CEO Mayo Schmidt was paid $4.5 million in 2016 - an $850,000 salary plus bonuses - and those top five executives were paid a total of about $11.7 million.


Roberto Machado Noa / File / LightRocket via Getty Images



TORONTO – The $4.5 million in pay received by Hydro One‘s CEO is not a factor in the government’s plan to cut electricity costs for consumers, an Ontario cabinet minister said Thursday amid opposition concerns about the executive’s compensation.

Treasury Board President Liz Sandals made her comments on the eve of the release of the province’s so-called sunshine list.

The annual disclosure of public-sector salaries over $100,000 will be released Friday, but Hydro One salaries such as that of company boss Mayo Schmidt won’t be on it.

READ MORE: Hydro One sell-off was unpopular even before announcement by Ontario Liberals in 2015

Though the government still owns most of Hydro One – 30 per cent has been sold – the company is required to follow the financial disclosure rules of publicly traded companies, which means disclosing the salaries of its CEO, CFO and next three highest-paid executives.

New filings show that Schmidt was paid $4.5 million in 2016 – an $850,000 salary plus bonuses – and those top five executives were paid a total of about $11.7 million.

“Clearly that’s a very large amount,” said Sandals.

Sandals wouldn’t say whether or not she thought the pay was appropriate at a time when the government is trying to reduce system costs and cut people’s hydro bills.

READ MORE: Kathleen Wynne’s approval rating drops to all-time low of 12% in new poll

But she suggested the CEO’s salary was not a factor in efforts to bring down hydro prices.

“The CEO salary is not part of the equation of will ‘we be able to make the cut,”‘ she said. “Regardless of what those salaries are, we will make a 25-per-cent-off cut.”

The cut coming this summer is actually an average of 17 per cent – the 25-per-cent figure factors in an earlier eight-per-cent rebate.

NDP Leader Andrea Horwath said the executive salaries are relevant to cutting hydro costs.

READ MORE: Mayor John Tory denies report Hydro One in talks to buy Toronto Hydro

“All of this is cost of operating the electricity system, it’s part of the operating of Hydro One and so of course those increased salaries are going to impact the cost of our electricity,” she said.

Schmidt was appointed Aug. 31, 2015, and in the last four months of that year earned $1.3 million, but the former CEO was paid $745,000 in 2014. About 3,800 workers were paid over $100,000 that year, none of whom will be on the sunshine list this year.

Progressive Conservative energy critic Todd Smith has a private member’s bill that would put Hydro One salaries back on the list.

“The Wynne Liberals don’t want the people of Ontario to know that their rates have helped create a new millionaire’s club at Hydro One,” Smith said. “Hydro One is still under the majority ownership of the public, but Premier Kathleen Wynne has removed these salaries from the public’s watchful eye.”

The previous sunshine list showed 115,431 people were earning more than $100,000 – an increase of nearly 4,000 people despite the fact 3,774 Hydro One workers were not on the list for the first time.

Tom Mitchell, the former CEO at Ontario Power Generation who resigned last summer, topped the 2015 list at $1.59 million.

http://globalnews.ca/news/3346.....-minister/
RCO





Joined: 02 Mar 2009
Posts: 6727
Reputation: 239.8
votes: 3
Location: Ontario

PostPosted: Fri Mar 31, 2017 9:42 am    Post subject: Reply with quote

OPG says CEO's new salary will be up to $1.9M

Ontario sunshine list to be released today

Allison Jones — Canadian Press

Friday, March 31st, 2017



TORONTO — Ontario Power Generation says its CEO will be paid a maximum of $1.9 million, but the Crown corporation is not changing the proposed $3.8-million compensation cap the premier had asked to be revised.

In a letter to the government, OPG says its board “took great care” in arriving at the $3.8-million cap, but has voluntarily set the maximum compensation for the CEO at $1,937,500 – with the target at $1.5 million.

That comes as Ontario’s so-called sunshine list of public-sector employees earning over $100,000 a year is set to be released today, with the head of OPG likely to top the list.

The letter from OPG board chair Bernard Lord says focusing on the regulated $3.8-million cap may lead to confusion and misunderstanding of the role of the caps and suggests less attention be paid to such numbers.

Instead, Lord writes that the focus should be on OPG’s executive compensation program, which puts much more weight on performance bonuses than base salary, and will see executives earn far less than the regulatory caps.

All broader public-sector agencies have until September to post their proposals for new executive compensation packages under a framework that caps salaries at the 50th percentile of “appropriate comparators.”

The Liberal government sent colleges back to the drawing board after concerns were raised about the comparators that they were using for proposals that would boost presidents’ salaries by up to 50 per cent. Then after public outcry over the OPG salaries and a proposed raise of up to $118,000 for the head of transit agency Metrolinx, told all broader public sector organizations it expected increases to be “modest.”

The current salary of the power agency’s CEO is $1.5 million.

The power agency, which operates two nuclear sites and is responsible for more than $40 billion in assets, was granted permission by the government to use private-sector comparators because of its unique size and scope.

Meanwhile, the $4.5 million in pay received by Hydro One’s CEO will not be on the sunshine list, even though the province owns 70 per cent of it. The government intends to sell up to 60 per cent.

As soon as the initial shares were sold, Hydro One instead became a private company and only has to disclose the salaries of its CEO, CFO and next three highest-paid executives.

New filings show that CEO Mayo Schmidt was paid $4.5 million in 2016 — an $850,000 salary plus bonuses — and those top five executives were paid a total of about $11.7 million.

The previous sunshine list showed 115,431 people were earning more than $100,000 — an increase of nearly 4,000 people despite the fact 3,774 Hydro One workers were not on the list for the first time.

http://ipolitics.ca/2017/03/31.....p-to-1-9m/
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5 Hydro One executives share $11 million in compensation

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