FIRST POSTED: FRIDAY, SEPTEMBER 18, 2015 10:13 AM EDT | UPDATED: FRIDAY, SEPTEMBER 18, 2015 05:40 PM EDT
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The partial privatization of Hydro One will come with some big private sector-style paycheques.
A preliminary prospectus for the initial public offering (IPO) released Friday notes the new CEO will be eligible for up to $4 million a year — $850,000 in base salary and $3.15 million in incentives.
Finance Minister Charles Sousa and Energy Minister Bob Chiarelli defended the eye-popping payout which far surpasses any salary revealed in this year’s public sector Sunshine List.
“Right now, the compensation’s comparable to other executives,” Sousa said, noting most of the money will come only if certain targets are achieved.
Those targets include good dividends, a strong safety record and, most importantly, excellent customer service, Chiarelli said.
NDP MPP Peter Tabuns, whose party opposes the sale, said the salary is the equivalent of winning the lottery.
He predicted hydro prices will rise as the publicly owned Hydro One is sold off in chunks to the private sector.
Chiarelli said Hydro One won’t set electricity rates, and he expects private sector discipline to keep costs under control at the utility.
PC MPP Todd Smith said the total annual compensation for five executives at the revamped Hydro One will be $24 million.
“This is all about paying huge, exorbitant salaries, pensions, severances, gold-plated pension plans to these big executives,” Smith said.
It’s anticipated the Hydro One IPO will be completed this year. More
The partial privatization of Hydro One will come with some big private sector-style paycheques.
A preliminary prospectus for the initial public offering (IPO) released Friday notes the new CEO will be eligible for up to $4 million a year — $850,000 in base salary and $3.15 million in incentives.
Finance Minister Charles Sousa and Energy Minister Bob Chiarelli defended the eye-popping payout which far surpasses any salary revealed in this year’s public sector Sunshine List.
“Right now, the compensation’s comparable to other executives,” Sousa said, noting most of the money will come only if certain targets are achieved.
Those targets include good dividends, a strong safety record and, most importantly, excellent customer service, Chiarelli said.
NDP MPP Peter Tabuns, whose party opposes the sale, said the salary is the equivalent of winning the lottery.
He predicted hydro prices will rise as the publicly owned Hydro One is sold off in chunks to the private sector.
Chiarelli said Hydro One won’t set electricity rates, and he expects private sector discipline to keep costs under control at the utility.
PC MPP Todd Smith said the total annual compensation for five executives at the revamped Hydro One will be $24 million.
“This is all about paying huge, exorbitant salaries, pensions, severances, gold-plated pension plans to these big executives,” Smith said.
It’s anticipated the Hydro One IPO will be completed this year. More
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