CORNWALL, Ontario – MPP Jim McDonell accused the Liberals of “utter contempt” after it was learned Hydro One executives will receive massive salaries while many of its customers struggle to pay skyrocketing bills.
Hydro One will pay its top executive Mayo Schmidt as much as $4 million in annual compensation and the Tories are fuming.
“Unaffordable hydro rates have been driving many of my constituents into financial ruin, forcing them to choose between heating and feeding their families,” said McDonell. “Just as Hydro One’s utter contempt for its captive customers was exposed by the Ombudsman, the Liberals quickly changed the law to stop public oversight and sell off Hydro One at a net long-term budget loss for the province.
“Make no mistake – gold-plated executive pay at Hydro One will be funded by more rate increases heaped upon Ontarians who can’t afford them. By dismissing these concerns and turning a blind eye to unjustifiable compensation at Hydro One, the Premier is demonstrating that she is not interested in governing for the benefit of Ontarians.”
Tory leader Patrick Brown questioned why the Kathleen Wynne Liberals are prioritizing lavish paycheques for Hydro One executives, while the province’s skyrocketing hydro rates are making life more and more unaffordable for Ontarians.
“Last year the 51 highest paid CEOs and presidents in the province made a combined $24 million,” said Brown. “Yet that’s how much the Liberals are giving to just the top four people at Hydro One. The compensation doesn’t make sense when people in Ontario can barely afford their hydro bills.”
The CEO of Hydro One, whose first shares were sold on the market last Thursday, is expected to earn $4 million annually compared to the CEO of Hydro-Québec ($483,000), a corporation with twice as many customers as Hydro One. CEOs of valuable agencies and organizations also earn comparable or lower salaries, such as Cancer Care Ontario ($500,000), Colleges Ontario and the Canadian National institute for the Blind ($300,000).
