WATCH: PC Leader Ford promises to get rid of Hydro One CEO and board
PC leader Doug Ford is vowing to fire the current Hydro One board and CEO, whom he calls the "$6-million man."
At announcement in downtown Toronto, Ford told reporters that the province has "many tools" at its disposal to do so, even though it no longer controls the utility.
"It is morally indefensible, that at this time when seniors are fearful of heating their homes, when businesses are closing down and jobs are leaving the province, when taxpayers are suffering all due to skyrocketing hydro bills," Ford said, "that this board and CEO of Hydro One are laughing themselves to the bank."
Last year, the CEO took home $6.2-million, a $1.7-million raise from the previous year.
Ford left it to PC energy critic MPP Todd Smith to explain how his party would make the move if they win the election.
Ford leaves it to energy critic MPP Todd Smith to explain the “tools” the province has to get rid of the Hydro One CEO - he says they can’t do so directly, but they can get rid of the board. pic.twitter.com/tmv5Dqu3KE— NEWSTALK1010 (@NEWSTALK1010) April 12, 2018
"We don't have the ability to go out and say we are firing the CEO at Hydro One," Smith conceded.
Smith explains, though, that the province maintained the power to fire the board after it started selling off many of its shares.
"So we could fire the board, we'll make it clear to the board that we're not going to accept these kinds of salaries any longer," Smith said.
He admits that the party does not know how much it would cost to end the CEO's contract.
Hydro One has released a statement saying that while they "will not engage in politics," they wanted to make sure customers have the facts.
A spokesperson writes that customers will pay 2 cents on their monthly bill for the CEO’s compensation, the same as before privatization.
"Nearly 80% of the total executive compensation package is paid for by shareholders," the statement reads.
The statement goes on to argue that Hydro One leadership has generated over $114-million in productivity savings since privatization.