The Auditor General just released a scathing report on the state of the hydro companies in Ontario. Yes there are many of them, but the ones costing the most are Ontario Hydro and Ontario Power Generation. In addition there is IESO, the ESA, The OEFC the OEB and the OPA. Each have an outrageously paid CEO along with a politically appointed BOD (Board of Directors).
Some of the highlights from the Auditor General:
Ontario Power Generation OPG increased the number of executives and senior managers by more than 50 per cent, even as it shed 1,200 jobs.
Some OPG executives are eligible for bonuses worth 150% of their salary, up to $1.3 million.
10 per cent of employees are related or married to each other.
"It was a surprise to the audit team," auditor Bonnie Lysyk says of the number of OPG workers' family members getting jobs
There are 1,400 employees 700 addresses, and may thus be related to each other.
OPG pays large amounts of money in moving costs. One employee received $392,000 to transfer offices.
Nearly two-thirds of OPG employees make over $100,00 per year.
The Hydro fiasco got a chapter of its own in the book Pension Ponzi, written by Lee Fairbanks and Bill Tufts. It includes the story of a Hydro executive, Clitheroe, who earned $2.2 million when she was fired in 2001. The Ontario government believed she was entitled to a monthly pension of $25,637.08, after 8 years. She argued she should receive considerably more — $33,644.21 a month and justified it because she was the sole breadwinner of a family of four and supported an ailing relative.
Pension Ponzi, How Public Sector Unions are Bankrupting Canada's Health Care, Education and Your Retirement
Our Numbers (Not AG’s)
Then there are the pensions and other retiree benefits ….
Fast Facts
Of the 11,000 employees from Hydro and OPG on the Sunshine List an estimated 3,000 employees have pensions in excess of $100,000
The OPG current shortfalls for OPEB’s (sick time, vacation payouts and retiree healthcare) is $ 3.1B
The OPG pension shortfall was $3.3 Billion in 2012 and $597 in 2003
The pension shortfall is in addition to $2.6 B in payments taxpayers have paid into their plan. Employees have only contributed $679 M
The Top 5 pensions payable at age 65 are $760,000, $500,000, $380,000, $230,000 and $180,000
Bill Tufts, Fair Pensions For All, founded in January 2009, our goal is to promote an honest and fair analysis of our pension system; to expose abuse and waste within the system; to develops and promote new ideas and concepts on pensions based on fairness for all.
We maintain that it is every Canadian’s right to receive sufficient income in retirement to afford an acceptable quality of life.
