Richard Brennan/Queen’s Park Bureau
Toronto Star
May 22, 2002

Premier Ernie Eves says the golden parachutes provided for senior officials at publicly owned Hydro One are "inappropriate."

Eves faced criticism in the Legislature again yesterday for allowing the government-appointed Hydro One board to hand out such deals to five executive members, totalling about $13 million.

"I regard those amounts as being inappropriate," the Premier said in the Legislature, adding he has already asked Energy Minister Chris Stockwell to look into it.

Hydro One president and chief executive officer Eleanor Clitheroe stands to get more than $6 million in pay plus about $1 million in annual indexed pension payments if she is fired or quits after a change in ownership.

New Democratic Party Leader Howard Hampton described the compensation packages as disgusting and outrageous.

"I think virtually everyone in the province is outraged to learn that the people you have in charge at Hydro One since 1998 (have) awarded themselves what amounts to $13-million pay packages," Hampton said. "This is greed."

Hydro One, which runs the electricity grid, has said the compensation for its senior executives is "competitive with other comparable companies across Canada."

Clitheroe, 47, a former banker and deputy minister, earned pay, bonuses and benefits totalling $2,182,180 last year. Included in that was a vehicle allowance of $174,644 and $172,484 in vacation pay.

The Conservative government is considering a number of options for Hydro One, including selling it off to investors. Details on the compensation packages were included in a company prospectus.