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Executive compensation program
In September 2016, the Government of Ontario introduced legislation (Regulation 304/16: Executive Compensation Framework) setting out how public sector companies like OPG must establish and post executive compensation programs.
The legislation requires employers like OPG to have a written Executive Compensation Program that describes the compensation OPG may provide to our executives including:
- A compensation philosophy
- Salary and performance-related pay caps
- Comparative analysis details, and
- A description of other elements of compensation.
The legislation also required OPG to seek consultation from the public on its proposed program. That consultation period has concluded and the questions OPG received sought clarification but did not necessitate any changes to the program.
As such, OPG’s Executive Compensation Program came into effect as of Jan. 1, 2017.
Disclosure of executive expenses
As a public sector company, OPG is subject to the Province of Ontario’s Travel, Meal and Hospitality Expenses Directive.
This directive sets rules and principles for:
- the reimbursement of expenses to ensure fair and reasonable practices;
- providing accountability for effective oversight of public resources; and
- setting parameters for public disclosure.
To comply with this directive, OPG maintains an Executive Expenses website that provides information on the expenses incurred by our Board of Directors, President and CEO, and Enterprise Leadership Team (e.g., those who report directly to our CEO), over the previous two calendar years.