The part-time members of the Hydro One Board have voted to increase their compensation to $185,000. This revelation comes amid Ontario’s election campaign and a vow by PC Leader Ford to fire the entire board. He said he would appoint a new board and tell it to fire the president Mayo Schmidt, who gets an eye-popping 6.2 million in wages and bonuses. The raises are mentioned in an information circular provided to shareholders ahead of Tuesday’s annual meeting of Hydro One in Toronto, but have not been reported in the media. The PCs say they will picket the meeting. The 13 regular board members each received $160,000 in compensation last year, half of it in cash, half in Hydro One shares. The board chair, David Denison, received $260,000, also split between cash and stocks. The board of Hydro One is also being criticized for padding further the severance pay of Mr. Schmidt. He would receive at least $10.7 million if he is fired in the wake of either government intervention with the company or a government move to replace the board. The Ontario government retains 47 per cent ownership of Hydro One.
