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Joined: 16 Dec 2009
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PostPosted: Tue May 15, 2018 2:20 pm    Post subject: Reply with quote

Hydro One CEO’s salary is up to 10 times that of CEOs in other provinces
By KRISTIN RUSHOWYQueen's Park Bureau
Wed., July 12, 2017

The head of Hydro One makes double the salary of his next highest-paid provincial counterpart, and 10 times that of some CEOs in smaller provinces.

At $4.4 million in salary and bonuses in 2016, Hydro One CEO Mayo Schmidt is well above the Alberta CEO, whose pay package topped out at $2.2 million in 2015.

On Wednesday, Ontario PC Leader Patrick Brown said if elected, he would clamp down on salaries at Hydro One and electricity producer Ontario Power Generation, through legislative or policy changes, though he was not specific.

“It’s time to stop rewarding the people who are presiding over the Wynne Liberal hydro rip-off,” Brown said in a written statement. “These are the same people who have presided over a system that has tripled our hydro bills since 2003.”

In a statement to the Star, Energy Minister Glenn Thibeault said the “government recognizes that every dollar of public money should be spent with good intention and thorough consideration — both need to be taken into account whenever proposing salaries.

“We recognize that executive salaries are high compared to the vast majority of Ontario salaries, and we’ve introduced new regulations that require rigorous review of executive compensation frameworks. Our guidelines also create more stringent executive benefits, and we’ll continue to focus on ensuring that salaries are fair to the public purse.” [....] https://www.thestar.com/news/queenspark/2017/07/12/hydro-one-ceo-salary-highest-in-country.html

Higher managerial positions in the civil service make way too much money. They take their benchnarks from top companies in the private sector. It's unrealistic. Do you have any idea of how many Canadian engineers are qualified and would love to do this job for $500,000 a year? Get serious.

Again, we are in one of these 'royal jelly' things. You pick leaders from resumes. And in many cases, particularly the routine organizations, that isn't a problem. But if that IS the case, why such salaries? And benefits? What kind of CEO genius do you need to run the post office, for example?

It's only a few that have the quality that Steve Jobs had, or the legendary leader of GE ... there are people who have a gift that has real economic value. People like Jobs understood how to market computers to the public, and groped his way through failures, to a very profound understanding of what the public wanted, even though it didn't know it wanted it, and how to get quality manufacturing done in China.

There are just people in the world that make better decisions than others, for whatever screwed up reason. But when you are recruiting for the top spot, you have to leave room for the outsiders. We are living through a time when such people have greater success than those with fat academic resumes. Donald Trump comes to mind.

We don't even know what to call that quality, but, to me, it's a deeper understanding of what is going on. They bring some insight from the 'outside' world to organizations that have become so huge that their leadership has lost touch with elements of reality. The 'insiders' become like a priesthood.

That's when you know it's time to flush out the stables. Civil service salaries should be below the market. You get a better quality civil service that way.
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Hydro One CEO's gets a nice raise in 2017

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