July 17th, 2018

Horwath calls for amendment to show Hydro One exec payout

Ford’s secret deal with Mayor Schmidt gives the Hydro One CEO more than $9 million

TORONTO – Leader of the Official Opposition Andrea Horwath said Tuesday that any claim that the Ford government makes about transparency at Hydro One under Bill 2 is meaningless unless it includes full disclosure of all payments to outgoing Hydro One executives and board members, and called for an amendment to Bill 2 to accomplish that.

“Mr. Ford must immediately tell the people of Ontario how much his multi-million-dollar backroom deal with the Hydro One CEO really costs,” said Horwath. “Payments to Mayo Schmidt and the entire departing board were part of a deal cooked up by Mr. Ford, and if he passes a bill claiming to make Hydro One transparent while excluding his own backroom deal to pay out millions, that’s just a joke.”

Horwath demanded Ford amend Bill 2 before it is passed to ensure that any payment made to executives or board members leaving Hydro One are made public. The backroom deal amounts to more than $9 million for outgoing CEO Mayo Schmidt alone.

“Families and businesses in Ontario are still saddled with skyrocketing hydro bills – getting rid of the CEO and board won’t bring their bills down – it’ll just tack on millions more in payments to outgoing executives and board members. The people of Ontario deserve the truth."