PC Leader Doug Ford’s campaign promise to fire the CEO of Hydro One and its board of directors if he’s elected premier could be a costly move. Documents suggest that Mayo Schmidt (who earned a $6.2-million-dollar salary last year) would be entitled to at least $10.7 million dollars in severance if he were to be removed from his job by the board of directors. That’s according to the company’s annual shareholders report, released on March 29.
Meanwhile, PC energy critic Todd Smith says the Ontario government (technically) does not have the ability to fire Hydro One’s CEO. Smith’s acknowledgment came after PC Leader Doug Ford said his first act, if elected premier, would be to fire the CEO and Hydro One’s board of directors. However, the government has a process that allows it to control or replace the company’s board of directors, but only the board can fire the CEO. Energy Minister Glenn Thibeault says Ford’s plan would do nothing to address the actual issue of keeping hydro rates low.
Photo Credit: YouTube screenshot – Toronto Sun