Hydro One is going back to the drawing board on executive pay and severance after Progressive Conservative Leader Doug Ford threatened to have the company’s $6.2 million-a-year CEO fired if the PCs are elected June 7. The announcement from Hydro One came Monday, noting Ontario’s Liberal government served notice over the weekend that it would vote against Hydro One’s executive pay resolution at the company’s annual meeting May 15. Ontario owns 47 per cent of Hydro One and is the largest single stockholder in the company, which recently decided to make it easier for chief executive Mayo Schmidt and his executive team to get lucrative severance packages if they’re fired without cause. “These changes were unjustifiably generous,” Energy Minister Glenn Thibeault said in a statement. Thibeault was forced to defend the changes after they came to light last week, maintaining the government is not a “micro manager.” His comments came after Ford charged Hydro One executives “only care about their pockets and feathering their own nest...on the way out the door.”

Source: thestar April 30, 2018 23:15 UTC