Government of Ontario Introduces Bill 2, Urgent Priorities Act, 2018
The Government of Ontario today introduced legislation affecting compensation of Hydro One executives and terminating the White Pines Wind Project.
Bill 2 enacts the:
Hydro One Accountability Act, 2018
Requires Hydro One to establish a new compensation framework (the Framework) for the directors, the President and CEO, and other executives in consultation with the Government of Ontario and the other five largest shareholders of Hydro One, subject to approval by the Management Board of Cabinet.
Provides that the Management Board of Cabinet may issue directives governing the compensation of the directors, the President and CEO, and other executives of Hydro One and the development, form, manner and timing of the Framework.
Requires Hydro One to make annual public postings of the total annual compensation paid to Hydro One executives and any proposed changes to its compensation frameworks for the directors, President and CEO or other executives.
Amends the Ontario Energy Board Act, 1998 to provide that rates charged by Hydro One shall not include executive compensation.
Provides immunity for litigation arising from the legislation and changes in share price.
White Pines Wind Project Termination Act, 2018
Provides for the termination of the White Pines Wind Project (the Project) and associated contracts and agreements between the IESO and wpd White Pines Incorporated.
Revokes approvals and permits related to the Project.
White Pines is entitled to compensation as a result of the termination, payable in an amount determined in accordance with a prescribed formula, subject to various restrictions and contingencies.