Hydro One board members approved $25K raises for themselves

Hydro One’s part-time board members, all of whom were appointed by the Liberal government in 2015, approved a $25,000 raise for their own jobs, including a $70,000 pay hike for the chair of the board.

The compensation policy, illustrated in a Management Information Circular ahead of the utility’s Annual General Meeting (AGM) on Tuesday, showed board members had their executive salaries increased to $185,000 and the board chair, David Denison, boosted to $330,000.

The raise increases, effective since Jan. 1, 2018, occurred as Hydro One’s share price was falling, according to the document.

“The increase in directors’ compensation will bring the Hydro One board closer to, but still below median of, this broader peer group,” the circular stated.

The peer group includes large Canadian utility, pipeline and storage companies, such as Pembina Pipline Corp., AltaGas Ltd., Fortis Inc., Keyera Corp. and TransAlta Corp.

Hydro One said last month it was reviewing its executive compensation arrangements at the urging of the Ontario Liberal government following the release of the utility’s management information circular in March.

Energy Minister Glen Thibeault said in a statement released on Tuesday that the government was “dissatisfied with the specific proposals for executive compensation” and that “a review of the compensation model would be conducted relying on additional third party experts.”

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