City council voted unanimously Thursday to support a motion by Mayor John Tory for the city manager to complete an external review of executive compensation at city-owned agencies and corporations, including Toronto Hydro, and report back by the fourth quarter of the year. The city has asked Toronto Hydro in the past to bring its executive pay in line with a 2014 framework on executive compensation, and while the company follows most of the guidelines, its board has refused to comply with the cap on bonus targets. Gord Perks, who has been critical of compensation at Toronto Hydro in the past. Several councillors said they were dismayed that Toronto Hydro had not decided to freeze executive compensation during the pandemic, a decision the city took with respect to its own staff. Toronto Hydro, which distributes electricity to about 700,000 residential customers, is a private corporation whose sole shareholder is the city of Toronto.

Source: thestar July 15, 2021 21:56 UTC