Energy Minister Greg Rickford is asking Hydro One to reduce a proposal to pay its next CEO up to $2,775,000 per year. In a letter to board chair Tom Woods, Rickford also expressed concerns about compensation for other executives and board members.
“For several months now we have worked with the board of Hydro One to develop an executive and board compensation package that is reasonable and in the interests of shareholders. Despite this work, Hydro One’s board has delivered a framework that we do not believe adequately addresses the interests and concerns of Ontario’s ratepayers,” the letter from Rickford reads.
Rickford does not want CEO compensation to exceed $1.5M and has requested Hydro One reply to his letter by “Thursday at 5 p.m.” with a new compensation framework.