TORONTO -- Ontario's energy minister says the government will take "any and all action necessary" if Hydro One doesn't drastically cut its proposed CEO compensation, but the semi-private utility appears not to be budging.
In a letter sent to Hydro One board chair Tom Woods on Wednesday, Energy Minister Greg Rickford says the provincial cabinet was "profoundly disappointed" by the utility's proposed compensation framework.
The framework, submitted to the province last week and made public on Thursday, lays out a proposed maximum compensation of $2,775,000 for the company's next CEO.
Rickford says the government doesn't want that number to exceed $1.5 million.
The Progressive Conservatives campaigned last spring on a promise to clean up what they called the "hydro mess" in Ontario.
One of the government's first acts of business was to force the resignation of former CEO Mayo Schmidt, whom Premier Doug Ford had dubbed "the six-million dollar man."
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