There is simply no justification for the pay packages that Hydro One board members are receiving. The argument, of course, is that the utility is a large organization, now owned mostly by private shareholders and that you can’t attract good people unless you pay market rates.
Perhaps board members of the major banks get comparable compensation for their part-time work. But the truth is there aren’t just a dozen people in Ontario who would be qualified and willing to serve on the board; there are likely hundreds. And among those hundreds are likely many who would do it for far less than $185,000 per year. There are many large organizations that pay their board members less, or even nothing at all. Look at Carleton University as one example. Carleton is a complex organization with an annual budget of $400 million. There are many excellent people on the board of governors, including former CEOs and organizational leaders. And none of them is paid anything for his or her service.
You don’t have to pay $330,000 a year to get a good board chair. It’s shameful that the government and Hydro One’s shareholders have let this happen.