Rickford orders a $1.5M "hard cap" on Hydro One CEO pay
“Under the authority granted through the Hydro One Accountability Act, 2018, the Management Board of Cabinet has issued a directive requiring Hydro One to set a hard cap of $1.5 million per year in total maximum direct compensation for the next CEO of Hydro One.”
Greg Rickford, · Minister's statement, Ontario Newsroom
What happened · Jan 1, 2023
Hydro One adopted the $1.5M framework in March 2019, but it lapsed on January 1, 2023 under a sunset clause in the government's own law, and CEO pay then more than doubled.
On March 8, 2019, Rickford announced that Hydro One had adopted a pay framework matching the directive, with CEO pay capped at $1.5 million a year. A clause in the Hydro One Accountability Act, 2018 (Bill 2) ended the framework requirements on January 1, 2023. Hydro One's 2025 management information circular puts CEO David Lebeter's target pay at $2.4 million for 2023 and $3.15 million for 2024, compared with $1,604,488 for the CEO role under the framework in 2022. The Globe and Mail reported on May 23, 2024 that Lebeter made $3.16 million in 2023, and that the Energy Minister's office did not answer why the cap was not made permanent.
Promise: Ontario Newsroom, Ontario Newsroom, CBC News
Outcome: The Globe and Mail, Hydro One, Hydro One, Legislative Assembly of Ontario