The Board of Directors Hydro One confirmed the increase in wages in 2018 at $25 000 for members and $70 000 for the Chairman of the Board.
The annual meeting of shareholders (Annual General Meeting) of the company will be held in Toronto on Tuesday, may 15, on the eve of what became known that the Council voted for a pay raise from $160 000 per year to $185 000 per year from the beginning of 2018. Half the amount will be paid in cash and the other half in shares.
The salary of the Chairman of the Board David Denison has increased from $260 000 to $330 000.
This became known after the shares of Hydro One has dropped in price by approximately 16% compared to the same period last year.
In the documents the company said that because of this it was decided to increase the amount of compensation after Hugessen Consulting Inc. spent his “comparative analysis”.
The head of the Progressive conservative party of Ontario Doug Ford strongly criticized the liberals for granting of compensation to management Hydro One and for the increase in electricity tariffs, on Tuesday will hold a rally in front of the building where will take place meeting of shareholders.
“We’re going to tell them exactly what we think about their underhanded political games, − said Ford in a statement via e-mail. Days management of energy companies, growing rich at the expense of ordinary families in Ontario, is over.”
Previously, Ford promised to dismiss the President and CEO of Hydro One, as well as to dissolve the Board of Directors, if elected.