Energy Minister Bob Chiarelli: The man he succeeded, Carmine Marcello, got $1.2 million for all of 2014, according to The Toronto Star. Details of what critics called an exorbitant pay packet — which could climb to $4 million annually — came Friday as the government issued a prospectus for investors with Hydro One preparing to sell shares on the stock market this fall. Chief executive Mayo Schmidt started work Sept. 3 and by the end of the year will enjoy $1.36 million in base pay, incentives and pension value. Soaring executive salaries under the controversial privatization by Premier Kathleen Wynne will nudge electricity bills higher, opposition parties warned. Energy Minister Bob Chiarelli defended the payouts, which government privatization czar Ed Clark said are in the low to medium range of similar companies and crucial in attracting top talent. If you’re an executive, the lottery just opened, said New Democrat MPP Peter Tabuns, his party energy critic.
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Tagged under Energy Minister Bob Chiarelli, Kathleen Wynne topics.