The Canadian Press
TORONTO–Hydro One says it is reviewing its executive compensation arrangements at the urging of the Ontario Liberal government.
The move comes weeks after Progressive Conservative leader Doug Ford said he would fire the CEO and board of directors at the partially-privatized utility if his party is elected on June 7.
However, CEO Mayo Schmidt, who earned a $6.2-million salary last year, would be 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.
Hydro One’s review of executive compensation was announced by Energy minister Glenn Thibeault in a statement yesterday after markets closed.
Board chair David Denison said in a separate statement that the government told Hydro One it would vote against compensation changes, and added the utility will consult with shareholders and get “additional independent advice” on executive compensation.
Ford called it a “weak response” from Premier Kathleen Wynne’s Liberals.
“[It’s] only coming now because she and her millionaires’ club have been exposed just before the election,” he said in a statement yesterday.
“If the government truly had any respect for taxpayers, Kathleen Wynne would fire the $6-million man and the entire board at Hydro One, just like she said she had the authority to do,” Ford added.