"The increase in directors' compensation will bring the Hydro One board closer to, but still below median of, this broader peer group", says the document.
Ontario PC Leader Doug Ford, who has persistently criticized the Liberals over executive compensation and the $6.2 million paid to Hydro One CEO Mayo Schmidt a year ago, held a rally outside the Annual General Meeting today.
The part-time members of the Hydro One Board have voted to increase their compensation to $185,000.
On the campaign trail Tuesday, Ontario Premier Kathleen Wynne also said raises for the Hydro One board are "unacceptable" and will be part of an ongoing review of compensation at the utility.
As a private-sector, publicly traded corporation, Hydro One's compensation policies are determined by its board of directors. 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". "A part-time job - they were making $160,000 - they gave themselves a pay increase up to $185,000". "He was senior person at Build Toronto when they dramatically increased the pay for executives and gave layoff slips to the frontline staff".
Mr. Ford said if the Conservatives are elected, "the board is going, the CEO is going". Who does that? Who does that? David Mitges said Ford's plan to fire the board is "dead wrong" and will cost even more money through severance.
"This is the reason the board is going, the CEO is going".
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"This is all for show".
On Tuesday, Ford supporters staged a protest outside Hydro One headquarters, where board members were meeting.
The company, Ontario's largest electricity distribution and transmission utility, said the increase in profit was driven by the favourable impact of a regulatory decision on Hydro One's transmission rates, as well as the positive effects of colder weather and cost control.
Ontario NDP Leader Andrea Horwath, who has repeatedly slammed the Liberals over the decision to privatize the utility, has promised to bring Hydro One back into public hands if she wins the election on June 7. "He didn't raise a peep when the Toronto Hydro CEO got a big increase in his salary during the Ford administration", Tabuns said.
In a statement, Energy Minister Glenn Thibeault said the PC leader is hurting the value of Hydro One with his "careless, confrontational" statements.
In Waterloo, Wynne said the government has been "very clear" it has not been impressed with the compensation changes for the board or executives.
"On that basis the government has formally signalled its intention to abstain from today's vote at the AGM". We are one of only five utility companies in Canada to achieve the Sustainable Electricity Company designation from the Canadian Electricity Association.
"We believe that the level of compensation is appropriate", he added, insisting the pay review agreed to after the Liberal government raised its objections is "not a sham".
Asked about Ford's threats to fire the board, Denison told shareholders "we really do believe and feel and expect that calmer heads will prevail".
"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".