Hydro One Board Gives Themselves Big Pay Increases
CBJ — Hydro One board members have voted to increase compensation for their own part-time jobs to $185,000 a year, at a time when the company’s share price was falling, and not long after PC leader Doug Ford said he’d do what he could to fire them all, along with CEO Mayo Schmidt, if elected Premier.
This is happening at a time when consumers are already at a boiling point over the price of electricity in Ontario, and the much-criticized move of privatizing the former Crown corporation.
The 13 board members each received $160,000 in compensation last year, half of it in cash, half in Hydro One shares. The board chair, David Denison, received $260,000, also split between cash and stocks.
The document shows the board approved the following compensation increases (effective since Jan. 1, 2018):
- $70,000 raise for the chair of the board (to $330,000).
- $25,000 raise for regular board members (to $185,000).
- $5,000 raise for directors who chair the audit and human resources committees (to $25,000 above their board compensation).
The board is already under fire for increasing severance packages of top executives. CEO Mayo Schmidt would receive at least $10.7 million if he is fired in the wake of either government intervention with the company or a government move to replace the board.
The Ontario government retains 47% ownership of Hydro One.