G & M: The board of directors of Hydro One Inc. approved changes to the company’s executive compensation policies last year, making it much costlier for the government to intervene in the utility.
The revisions would increase the amount of severance paid to the chief executive if he is fired after the board is replaced, or after the government passes any legislation aimed at either capping executive pay or that negatively affects Hydro One’s ability to meet its corporate performance objectives. The changes were disclosed in March in the company’s latest shareholder proxy circular, but were given the green light by the board last November.
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