Glenn Thibeault, Ontario Liberal Candidate for Sudbury, released the following statement today:
“As the largest single shareholder in Hydro One the government of Ontario was dissatisfied with the specific proposals for executive compensation when they were brought forward by the board. We expressed our dissatisfaction clearly and succeeded in securing from the board a commitment that a review of the compensation model would be conducted relying on additional third party experts.
On that basis the government has formally signalled its intention to abstain from today's vote at the AGM. In this way we have managed to achieve two important benefits. First, as noted, a review of compensation will occur. Second, by avoiding a no vote, we have also eliminated the risks that would flow from such a showdown and the consequent negative impact on Hydro One's shares, the value of which help to support countless public investments through dividend payments.
This outcome stands in stark contrast to the reckless, chaotic approach that Doug Ford champions. By boasting that he will fire the entire board en masse, he offers no consideration for the negative impacts that he would unleash on ratepayers and shareholders. Indeed, what Mr. Ford does not recognize is that by delighting in such careless, confrontational behaviour he is deliberately causing harm to a valuable asset that people all across Ontario rely upon greatly.”