Monday, December 11, 2006

Hydro One petition to fire President and CEO

We here at the CTF do not look highly on individuals in the public service who funnel $50,000 worth of expenses through their assistant's corporate credit card. When I heard that Ontario Premier McGuinty was going to accept Hydro One CEO and President Tom Parkinson's resignation and pay him 2 years salary and bonus ($3-million) as severance I tasted my lunch for the second time.

If it doesn't sit well with you either then sign the petition to have a full audit of Hydro One and fire Tom Parkinson with cause here.

Here are some facts from the Auditor General's Report

*Parkinson's salary was $1-million with an annual bonus of $500,000
*He also used the Hydro One helicopter for personal use
*Part of his perk package included first class airfare to Australia every year
*Under his watch $127-million was charged to Hydro One corporate credit cards without receipts
*Parkinson approved his assistant’s expenses. Thus avoiding internal audit

1 comment:

ThePessimist said...

Executive Compensation is out of control.

The public sector is just taking its lead from the private sector. How can they get quality candidates for a mere million dollars, when industry is paying their leaders ten or twenty times that?

But how do these guys avoid being fired with cause. You steal from the company, you should be fired without severance, and sued to recover the money you stole.

How could Hydro One sign two contracts in a row that guaranteed that the tax payers pockets would be picked. Will the next guy be offered the same contract? Why can't gavernment learn?

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