Hydro One Accountability Act, 2018

Bills that amended this Act0

No published amendment links yet for this Act.

Sections15

• 1Definitions

  1 In this Act, “Chief Executive Officer” means the person holding the position of President and Chief Executive Officer of Hydro One Limited; (“chef de la direction”) “compensation” means anything paid or provided, directly or indirectly, to or for the benefit of a person who performs duties and functions that entitle the person to be paid, and includes salary, benefits, perquisites and all forms of non-discretionary and discretionary payments; (“rémunération”) “executive” means any person who holds the office of executive vice-president, vice-president, chief administrative officer, chief operating officer, chief financial officer, chief information officer, chief legal officer, chief human resources officer or chief corporate development officer, or holds any other executive position or office, regardless of the title of the position or office; (“cadre supérieur”) “Minister” means the …

• 2Compensation framework

  2 (1) The board of directors of Hydro One Limited shall, within six months of the day this subsection comes into force, establish a new compensation framework for the board, the Chief Executive Officer and other executives in consultation with the Government of Ontario and the other five largest shareholders of Hydro One Limited. Severance entitlements (2) For greater certainty, the compensation framework must include policies governing the severance and other entitlements of the Chief Executive Officer and other executives in connection with any termination of their employment with Hydro One Limited. Management Board approval (3) The compensation framework established by Hydro One Limited under subsection (1), and any amendments to the framework, are not effective until they are approved by the Management Board of Cabinet.

• 3Directives

  3 (1) The Management Board of Cabinet may issue directives, (a) governing the compensation of the directors and the Chief Executive Officer and other executives of Hydro One Limited, including, without being limited to, directives restricting the total annual compensation payable to such persons; and (b) governing the development, form, manner and timing of the compensation framework provided for in subsection 2 (1) and any amendments to that framework. Compliance (2) Hydro One Limited and its board of directors shall comply with every directive made under subsection (1). Publication (3) Every directive made under subsection (1), (a) shall be made available to the public on request; and (b) shall be publicly posted on at least one Government of Ontario website. Status (4) Part III (Regulations) of the Legislation Act, 2006 does not apply with respect to directives made under subsection (…

• [s3]
• 4Same, subsidiaries

  4 Sections 2 and 3 apply, with necessary modifications, to each of Hydro One Limited’s subsidiaries.

• 5Expiry

  5 Sections 2, 3 and 4 cease to have effect on January 1, 2023.

• [s5]

  Termination of Rights and Crown Immunity

• 6No cause of action

  6 (1) No cause of action arises against the Crown or any current or former member of the Executive Council or any current or former employee or agent of or adviser to the Crown, or against Hydro One Limited or any of its subsidiaries, or any of their current or former officers, directors, employees or agents, as a direct or indirect result of, (a) the enactment, operation, administration or repeal of any provision of this Act; (b) anything done or not done under this Act; (c) anything related in any way to the involvement of the Government of Ontario in compensation matters, or other aspects of the corporate governance, of Hydro One Limited or any of its subsidiaries; (d) any alleged misrepresentation within the meaning of applicable securities laws in any prospectus, document or other public statement related in any way to the involvement of the Government of Ontario in compensation mat…

• [s7]

  General

• 7Salary disclosure

  7 (1) Despite any other Act or agreement, not later than March 31 of each year, Hydro One Limited shall publish on its public website a record of the total annual compensation paid in the previous year by Hydro One Limited to or in respect of executives provided for in the regulations made under subsection (3). Publication of proposed compensation changes (2) The board of directors of Hydro One Limited shall publish on its website any proposed changes to its compensation frameworks for the board, the Chief Executive Officer or other executives at least 30 days prior to the date on which it seeks approval from the Management Board of Cabinet under subsection 2 (3). Regulations (3) The Lieutenant Governor in Council may make regulations governing the application of this section, including, without being limited to, (a) providing for executives or categories of executives whose compensation…

• 8Information and reports

  8 (1) The Minister may request Hydro One Limited and such other persons and entities as the Minister considers appropriate to give the Minister information the Minister considers necessary for the purpose of administering the provisions of this Act, including information that, (a) discloses the financial or other details of any employment agreement or other contract with any director, Chief Executive Officer or other executive in respect of their employment by Hydro One Limited or any of its subsidiaries; or (b) discloses anything related to the compensation paid, payable or available to a director, Chief Executive Officer or other executive of Hydro One Limited or any of its subsidiaries. Compliance (2) A person or entity who receives a request from the Minister for information or a report shall comply with the request. Authorization (3) The Minister may directly or indirectly collect p…

• 9Regulations

  9 (1) The Lieutenant Governor in Council may make any regulations that the Lieutenant Governor in Council considers necessary or desirable for carrying out the purposes, provisions and intent of this Act. Same (2) Without limiting the generality of subsection (1), the Lieutenant Governor in Council may make regulations defining or clarifying the meaning of any word or expression used in this Act but not otherwise defined.

• 10

  10 Omitted (amends, repeals or revokes other legislation). Repeal 11 (1) Subject to subsection (2), this Act is repealed on a day to be named by proclamation of the Lieutenant Governor. (2) A proclamation may provide for the repeal of different provisions of this Act on different dates.

• 12

  12 Omitted (provides for coming into force of provisions of this Act).

• 13

  13 Omitted (enacts short title of this Act). ______________