Today (July 16, 2018), The Hon. Greg Rickford, the Minister of Energy, Northern Development and Mines, and Minister of Indigenous Affairs tabled The Urgent Priorities Act, 2018, which, if passed, would enact or amend several Acts.
The Urgent Priorities Act, 2018 would enact the Hydro One Accountability Act, 2018 which, if passed, would improve transparency and accountability at Hydro One, including addressing executive compensation.
The Hydro One Accountability Act, 2018 would require the board of Hydro One to establish a new compensation framework for the Board of Directors, CEO, and other executives in consultation with the Province and the other five largest shareholders. The Act would also give Management Board of Cabinet authority to approve this compensation framework and any amendments to it as well as to issue directives governing the compensation of the directors, CEO, and other executives.
The Act would amend the Ontario Energy Board Act, 1998 to require the Ontario Energy Board to exclude any amount in respect of compensation paid to the Chief Executive Officer and executives from consumer rates for Hydro One Limited or its subsidiaries. In addition, the Act would require Hydro One to annually publish on its website a record of the total compensation of executives as prescribed by regulation. The Act would also require Hydro One to publish on its website any proposed changes to its compensation frameworks for the board, CEO, or other executives at least 30 days prior to the date on which it seeks Management Board of Cabinet approval for those changes pursuant to the Act. The Act would also provide the Crown and Hydro One with immunity from civil liability.
The Urgent Priorities Act, 2018 would enact the White Pines Wind Project Termination Act, 2018 which, if passed, would terminate this contract and any related regulatory approvals and permits for the White Pines Wind project retroactive to July 10, 2018.
The Urgent Priorities Act, 2018 would also enact the Back to Class Act (York University), 2018 which, if passed, would address the labour disputes between York University and the Canadian Union of Public Employees, Local 3903. The Back to Class Act (York University) 2018 would require the termination of any strike or lock-out and would provide a mechanism for achieving new collective agreements.
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