Wynne, Ford and Horwath charged up about Hydro One board decision

  • Wynne, Ford and Horwath charged up about Hydro One board decision

Wynne, Ford and Horwath charged up about Hydro One board decision

"That review is beginning now", she said, "And it's happening because we made it clear that we were not supportive...did not think that the compensation package that was brought forward was reasonable".

Horwath says it underscores her plan to return Hydro One to public hands if elected Premier, while Ford doubled down on his promise to fire the entire Hydro One board. The utility updated investors on ambitious USA expansion plans and raised its common share dividend by 5 per cent.

Hydro One board chair David Denison was unapologetic for the changes passed in the meeting, with the government abstaining from voting given that the company had previously agreed to review compensation levels.

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

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

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.

"As long as they leave it privatized, rich people are going to make themselves richer". And as chair, Denison's pay was increased by $70,000 to $330,000. Who does that? Who does that? "I'm there to save the taxpayers money, lower the hydro rates, lower taxes on people, putting money back into people's pocket instead of the government's pocket", Ford said.

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.

"This is the reason the board is going, the CEO is going".

"This is all for show".

"They have the nerve to increase their compensation", PC Leader Doug Ford said. He gave layoff slips to the front-line staff.

Unless indicated otherwise, all common share dividends paid by Hydro One Limited to shareholders are designated as "eligible" dividends for the goal of the Income Tax Act (Canada) and any similar provincial legislation. "He didn't raise a peep when the Toronto Hydro CEO got a big increase in his salary during the Ford administration", Tabuns said.

Mr. Schmidt said recent regulatory decisions on power rates and the new USA tax regime mean Avista is no longer expected to add to Hydro One's annual profit in the short-term.

In a statement, Energy Minister Glenn Thibeault said the PC leader is hurting the value of Hydro One with his "careless, confrontational" statements.

Wynne says she expects the review, to be conducted by a third party, will result in a change to executive and board compensation. We are one of only five utility companies in Canada to achieve the Sustainable Electricity Company designation from the Canadian Electricity Association.

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. "Second, by avoiding a no vote, we have also eliminated the risks that would flow from such a showdown and the consequent negative impact on Hydro One's shares".

"But they don't care", she added, "They don't have to be in touch with the people of Ontario because they're not accountable to the people of Ontario".