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RSS FeedsFord government warns Hydro One over CEO salary: `This is not a negotiation´
(The Star Religion)

 
 

15 february 2019 22:10:23

 
Ford government warns Hydro One over CEO salary: `This is not a negotiation´
(The Star Religion)
 


A showdown over executive pay is taking shape between Premier Doug Ford’s government and Hydro One after the publicly traded company proposed a cap of $2.78 million for its next CEO.Energy Minister Greg Rickford warned the province will not approve more than $1.5 million in salary and incentives for the chief executive as a search wraps up with a preferred candidate to replace ousted boss Mayo Schmidt, whom Ford dubbed the “six million dollar man” in last spring’s election campaign.“We will not stand by any further and see out-of-control and out-of-touch salaries at Hydro One,” Rickford told a news conference Friday, calling on the partially privatized former Crown transmission utility to show “respect for Ontario’s electricity customers.”The Hydro One board — replaced by the government last summer — quickly fired back, insisting it needs leeway “to attract, retain and motivate highly-qualified leadership” at the company with $25 billion in assets and annual revenues approaching $6 billion.“We continue to seek the approval of Management Board of Cabinet.”Rickford issued a caution, saying “this is not a negotiation” and stated total compensation for senior executives should not exceed 75 per cent of the CEO level and pay for directors capped at $80,000. Hydro One had proposed up to $1.86 million for executive vice president and $140,000 for directors, with $169,500 for the chair of the board.Rickford described the disagreement as a “significant divide between the views of the Hydro One board and the largest shareholder, the people of Ontario.”Hydro One board chair Tom Woods — who was appointed by Ford — noted in a separate letter to Rickford that majority shareholders in the company owned 47 per cent by the province are good with the $2.78 million CEO cap. “As you know, we have been in discussion with a very talented prospective CEO, ...


 
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