According to data released this morning on SEDAR, Canada’s highest paid municipal employee, CEO Anthony Haines, scored a strong endorsement from the utility’s board of directors with a 12.4% increase in pay last year. What is called his “total compensation” hit $851,983 in 2011.
“Total compensation” does not include his special retirement allowance nor his post-retirement health, dental, and life insurance benefits. The retirement allowance for Mr. Haines is unique at the utility and in on a fast track to hit $1,000,000.
Anthony Haines is also entitled to compensation in the event that his employment is terminated without cause. He would have been entitled to approximately $1,470,958 as at December 31, 2011. In addition, he will be entitled to continued benefits if terminated without cause.
For many years, the Corporation provided Anthony Haines with a service vehicle for his personal use. In 2011, he was given a Mercedes Benz S550V4 service vehicle as part of his personal benefits and perquisites. The cost to ratepayers in 2011 was $33,135, up from $32,306 in 2010. This benefit, which is reflected in his “total compensation”, was eliminated effective February 28, 2012, just over one month after Part 23 of this series detailed turbo compensation at Tony’s Hydro.
Here is the trajectory of “total compensation” for Mr. Haines since his first year of full time employment at Toronto Hydro:
Year Amount Growth Rate
2007 $452,308 47.22%
2008 $565,547 25.04%
2009 $679,071 20.07%
2010 $757,730 11.58%
2011 $851,983 12.44%
Mr. Haines must be quite an executive! In comparison, Thierry Vandal, Hydro-QuÃ©bec’s CEO compensation package (all included) was $520,722 in 2011, plus $6,166 for his car. (HQ’s annual report 2011, p. 109, available here: http://www.hydroquebec.com/publications/en/annual_report/pdf/annual-report-2011.pdf)
Interesting compensation especially as they are denying pay raises to the engineers and engineering supervisors.
The CEO of Hydro One gets paid $100 Grant more than Mr Haines. Are they both overpaid? is one underpaid? What kind of car does Ms Formusa drive? I also noted that the Vice Presidents at Toronto Hydro seem to have a compensation on par with Hydro One and OPG. Doesn’t make sense to me, no way is the talent and experience the same.
Somethings is seriously wrong with the Board of Directors if they allow this kind of rampant compensation at Toronto Hydro for their senior staff. Why is Clare Copeland still the President of the Board after 14 years?