The government of Ontario is going to cost the Hydro One Head of $ 1.5 million


Ontario Chief Executive Doug Ford has decided that the total compensation for the next $ 1.5 million Hydro One Head, the Globe and Mail government's leading government resources.

The plan for the release of a $ 1.5-million "hard-hit" for total compensation for the next head of Hydro One was made at this week's planning and priorities committee, meeting with Mr Ford and the top members in his cabinet, said sources. Details of the hard loss were not finalized, but could include the salary as well as stock and benefits options. But sources can not say it was grown from stock options in which the cap was. It is also unclear what compensation would have been suspended by the person.

The sources were donated anonymously to the Globe because the issues were secret.

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Mr Ford and his cabinet ministers were a competitive salary of $ 1.5 million, but according to Mr Ford's campaign, promise they will cost to & # 39; consumption at the resources and lower levels of water, said a high level of government.

CEO Mayo CEO Mayo Schmidt has been an electronic rod for suffering from increasing electricity levels during the spring election campaign. Mr Ford had been nominating his "Chief Executive" who was six million salaries "because of his compensation and promised the activity to fire when he was elected. In July Mr Schmidt dropped his position and asked the building board forever after coming to an agreement with the new Tory government. Mr Ford said he had been good at his promise, but Mr Schmidt sent a certificate for incentives and stock options at at least $ 9 million when he retired.

Hydro One board chairman who set out the government plans for a bid and board meetings are scheduled to be held on Friday, stores said. The main government store says that the cabinet is not going to return to an active payable package and will use its statutory authority to block one.

The Globe and Mail said last month's interruption between Mr Ford's government with the independent directors on board Hydro One about who the next Chief Executive will have. Governments and business resources for the Globe know that Mr Ford's own students are going to manage Hydro One, including Anthony Haines, the current Head of Toronto Hydro.

Most of the 47-per-cent interest in Hydro One, after the facility has been privately owned by the Liberal government. before. The 10-member board has six independent directors and the rest are appointed by the government.

The government's main source tells the host that "##; Most have the ability to select their next Chief Executive's board, but it must be within a repository framework set by his / her; cabinet. The top source also stated that the committee also expressed concern about the compensation members had made; board to propose for themselves.

Mr Ford has committed to reducing electricity levels with another 12 per cent. The Conservatives have resolved all legislation that, in part, gives government authority to " permits active compensation at Hydro One. The bill requires the Board of Directors of Hydro One to establish a new remit framework for the Director and board of directors in consultation with the majority and the largest five shareholders.

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The Future Conservatives have been passing their own legislation, known as the Hydro One Accountability Act, impedes the Prime Minister over active payment. The new Act also requires the company to report what he expects to pay senior officers, something that the new board did not.

Recently, Hydro One's chairman, Tom Woods, told the state governor in Washington, said the resources were due to pay their next Chief Executive between $ 2 million and $ 4 million annually . At that time, the banker deposited repositories that the Ontario government had not approved a compensation plan. board.

With reports from Andrew Willis and The Canadian Press

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