The board members of Ontario power utility Hydro One voted to boost compensation for their own part-time jobs to $185,000 a year, at a time when the company’s share price was falling, CBC News has learned.
This revelation comes amid Ontario’s election campaign, where the hot issues include the price of electricity, executive salaries at Hydro One, and the Liberal government’s 2015 move to privatize the former Crown corporation.
The raises are mentioned in an information circular provided to shareholders ahead of Tuesday’s annual meeting of Hydro One in Toronto, but have not been reported in the media.
The 13 regular 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 of Hydro One is already under fire for sweetening the severance pay of its 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.
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