Hydro One again facing uncertain as board resigns for second time in 16 years
The future of Ontario’s partially privatized utility is again uncertain after political intervention prompted the resignation of the company’s board 16 years after another mass departure.
Hydro One’s 14-member board resigned en masse last week after the sudden retirement of chief executive officer Mayo Schmidt, labelled “the six-million-dollar man” on the campaign trail by Premier Doug Ford for his hefty compensation.
The premier made it clear that he wanted changes, including reduced electricity rates and lower compensation for the CEO — even though 92 per cent of shareholders other than the province supported Hydro One’s executive compensation approach.
However, the move will come with costs of its own.