The Ford Government continues to take a hard line with Hydro One.
Energy Minister Greg Rockford has issued a directive to the utility to pay its CEO no more than $1.5 million per year.
The directive also includes a compensation cap of $80,000 per year for board members and $120,000 for the board chair. Rickford says it is a reasonable and responsible level that more closely aligns compensation with other corporations like Ontario Power Generation.
“After receiving a proposal last week that included a CEO compensation cap of $2.775 million, it is clear that Hydro One’s Board of Directors has failed to take steps to adequately reduce compensation for both the CEO and themselves as board members.”– Energy Minister Greg Rickford
Hydro One salaries were a major issue for the Progressive Conservatives in last year’s election campaign. Among its first orders of business after winning the election was forcing the resignation of then Hydro One CEO Mayo Schmidt whom the premier had dubbed the “six-million-dollar man.”