In September 2016, the Government of Ontario introduced Regulation 304/16: Executive Compensation Framework (the “Regulation”). The Regulation sets out how all employers designated under the Broader Public Sector Executive Compensation Act, 2014 (“BPSECA”) must establish and post executive compensation programs for executives. The Regulation requires all designated employers to have a written Executive Compensation Program (the “program”) that describes the compensation they may provide to executives. The program must include the following:
- compensation philosophy;
- salary and performance-related pay caps;
- comparative analysis details; and
- a description of other elements of compensation.
The program becomes effective on the date a compliant executive compensation program is posted on that designated employer’s website.
OPG’s Executive Compensation Program is effective as of Jan. 1, 2017, the date of this posting.
Overview of Public Feedback
In accordance with Regulation 304/16: Executive Compensation Framework (the “Regulation”), OPG posted its proposed Executive Compensation Program on Nov. 30, 2016 for public consultation. The consultation period has now ended and OPG has reviewed the feedback.
In total, there were four comments received during the public consultation process. Generally, the comments were questions seeking clarification on OPG’s posting.
OPG has reviewed these questions and determined that the feedback received on the posting does not alter OPG’s Executive Compensation Program.
As such, OPG’s Executive Compensation Program will be in effect, in compliance with the Regulation, as of Jan. 1, 2017.