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Bugs





Joined: 16 Dec 2009
Posts: 5515
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PostPosted: Tue May 15, 2018 2:20 pm    Post subject: Reply with quote

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.
RCO





Joined: 02 Mar 2009
Posts: 8423
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votes: 3
Location: Ontario

PostPosted: Thu Jul 12, 2018 7:09 am    Post subject: Reply with quote

( an update on this story , it appears the entire hydro One board has resigned and the CEO is going to retire without getting a $million dollar payout )



Hydro One board resigns, CEO retires as Ont. premier makes good on campaign promise


Shawn Jeffords, The Canadian Press
Published Wednesday, July 11, 2018 5:18PM EDT
Last Updated Wednesday, July 11, 2018 6:28PM EDT


TORONTO -- Premier Doug Ford says he has made good on a key campaign promise, announcing the immediate retirement of the CEO of Hydro One and the resignation of the utility's entire board of directors.

Ford, who promised that if he was elected he would fire Hydro One CEO Mayo Schmidt, dubbing him the "Six-Million-Dollar Man" during the spring election campaign, hailed it as a "great day" for the province.

Under an agreement between the new Tory government and the partially privatized power utility, Schmidt will retire and its board of directors will resign and be replaced.



"I said over and over and over again on the campaign trail the CEO of Hydro One and the board will be gone," Ford told a hastily called press conference on Wednesday afternoon.

"I'm happy to say today the CEO and the board of Hydro One, they're gone. They're done. They're done. We're going to turn a new corner."

Schmidt, who earned a $6.2-million salary last year, became a lightning rod for resentment during the election over rising electricity rates in the province. He would have been entitled to at least $10.7 million in severance if he were to be removed from his job by the board of directors, according to the company's annual shareholders report released on March 29.

According to a statement from Hydro One, Schmidt will not be entitled to severance, and will instead receive a $400,000 lump sum payment in lieu of all post-retirement benefits.

As part of the deal, Hydro One also said it has agreed to consult with the province on "future matters of executive compensation."

NDP Energy critic Peter Tabuns said Schmidt's departure raises a number of questions and demanded the government release the specifics details of the deal reached with the now former CEO.

"Doug Ford needs to tell people what kind of backroom deal he worked out with Mayo Schmidt to get him to walk away, and if he's going to replace the board with his own high-priced insiders," Tabuns said in a statement.

Hydro One said Wednesday a new board of directors will be selected by Aug. 15 and will initially consist of 10 members.

Under the agreement, the province will nominate four replacement directors and the remaining six nominees will be identified through a committee comprised of representatives of Hydro One's largest shareholders other than the province.

Hydro One's outgoing board chair, David Denison, said the agreement will provide "stability and clarity" to the utility's management moving forward, and he lauded Schmidt for his leadership.

Schmidt "has exhibited strong and effective leadership throughout his tenure as CEO in guiding the transformation of Hydro One to a publicly traded company," he said.

Paul Dobson, Hydro One's chief financial officer, has been appointed the utility's acting CEO until the new board can hire a permanent replacement.

While Ford promised that the departure of the leadership at Hydro One would bring down electricity rates, he struggled to explain how when asked repeatedly by reporters.

"Having a new board, a new CEO, blazing a new trail in Hydro One, setting a new mentality right across the board to the frontline workers of Hydro One," he said. "As sure as I'm standing here, those bills are going to come down 12 per cent. We're going to give relief to the people of Ontario."

Energy Minister Greg Rickford said in a statement Wednesday that in addition to the change of leadership, the government will introduce legislation to ensure the company acts in the public interest.

"Our government has prepared legislation that, if passed, will improve transparency and accountability at Hydro One," he said, providing no further details about the proposed bill. "We will introduce this legislation during the upcoming sitting."

Hydro One was partially privatized in November 2015, with the Liberal government saying it planned to use the sale of shares to fund transit and infrastructure projects. By December 2017, the province had sold off 53 per cent of its stake in the company.

The decision has come under a lot of criticism, including from the province's fiscal watchdog, who said earlier this year that taxpayers would have saved $1.8 billion if the government had taken on traditional debt to fund infrastructure projects instead of partially privatizing Hydro One, which has over $25 billion in assets and annual revenues of nearly $6 billion.

During the election, Hydro One, which is Ontario's largest electricity transmission and distribution provider, had stressed that ratepayers did not pay the majority of Schmidt's salary.

"We have heard the feedback from our customers and the regulator about executive compensation," the company said in a statement in April. "That's why we decided earlier this year that customers will only pay for the CEO's salary as it was at the time of the (initial public offering)."

Hydro One customers pay only two cents on their monthly bill for the CEO's compensation, the company said, adding that nearly 80 per cent of the total executive compensation package is paid for by shareholders.

https://www.ctvnews.ca/canada/hydro-one-board-resigns-ceo-retires-as-ont-premier-makes-good-on-campaign-promise-1.4009524
Toronto Centre





Joined: 12 Feb 2011
Posts: 1034
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votes: 4
Location: Toronto

PostPosted: Thu Jul 12, 2018 11:21 am    Post subject: Reply with quote

Im happy about this.

I will now save approx ...$0.10 per year...or is it per month.


Ah wait..." While Ford promised that the departure of the leadership at Hydro One would bring down electricity rates, he struggled to explain how when asked repeatedly by reporters. "

Can't explain what you don't know or can't happen. Sounds just like another politician I know.
Toronto Centre





Joined: 12 Feb 2011
Posts: 1034
Reputation: 113.6
votes: 4
Location: Toronto

PostPosted: Fri Jul 13, 2018 1:33 pm    Post subject: Reply with quote

No $10M payout.

Its only $9M. Well...there goes my $0.10 . Man am I pissed.
Bugs





Joined: 16 Dec 2009
Posts: 5515
Reputation: 276.9
votes: 8

PostPosted: Fri Jul 13, 2018 2:06 pm    Post subject: Reply with quote

This is the kind of bullshit that proves the NDP argument about capitalism (though it is, at best, welfare-state capitalism ...)

Why isn't this a fraud on the public? Or why isn't there a way to protect the public from these frauds?

TC's argument doesn't recognize the difference between running a government that allows such abuses to accumulate and running a government that ends those abuses.

One of the points with this is that it works just like 'Human Rights' works -- through a combination of dramatic "busts" of the thing, and "chill". It's something every Conservative government has to do every time they resume power because the main reason they come to power is the mess being created.

I don't know if anyone knits anymore, but there are some names to be remembered in case the guillotines start going up again.
Toronto Centre





Joined: 12 Feb 2011
Posts: 1034
Reputation: 113.6
votes: 4
Location: Toronto

PostPosted: Fri Jul 13, 2018 2:11 pm    Post subject: Reply with quote

Bugs wrote:
This is the kind of bullshit that proves the NDP argument about capitalism (though it is, at best, welfare-state capitalism ...)

LOL
Quote:

Why isn't this a fraud on the public?

Cuz....it isnt fraud? Ya know, just guessing.
Quote:

Or why isn't there a way to protect the public from these frauds?

Show the 'fraud' aspect please. Good luck in advance .
Quote:

TC's argument doesn't recognize the difference between running a government that allows such abuses to accumulate and running a government that ends those abuses.

Bugs complete lack of understanding how business works is captioned above .

Quote:

I don't know if anyone knits anymore, but there are some names to be remembered in case the guillotines start going up again.

How so very french of you !
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Hydro One CEO's gets a nice raise in 2017

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