Former Hydro One CEO Tom Parkinson, who quit in December amid criticism of his expenses, earned nearly $5 million last year, CTV News has learned.
In addition to a $3.3 million severance package, Parkinson has been awarded relocation costs to his home country of Australia.
Details of Parkinson's salary and compensation package have been posted on a website for the Canadian Securities Administrators, where it must be displayed by law.
Here is a breakdown of Parkinson's 2006 earnings at the public utility:
- Salary: $761,786;
- Bonus: $648,000;
- Other allowances: $139,113 and
- Severance: $3.32 million.
The total figure puts Parkinson's earnings at $4,868,899.
The terms of his severance include:
- Full benefits for 24 months;
- Continuation of mortgage interest subsidy on his mansion up to $125,000;
- Relocation costs if he decides to return to Australia; and
- Pension payments upon retirement.
Parkinson's severance package incensed Opposition parties, who still feel taxpayers paid far too much after the resignation.
"I don't think there's a person out there watching television, that pays their taxes, that has ever heard of this concept: where you quit your job and get paid $3 million, plus airfare and all kinds of other things," Conservative Opposition Leader John Tory told CTV News. "If you quit, you quit."
New Democrat MPP Peter Kormos has been vocal in his anger since learning of the payout deal.
"Here's Parkinson, a quitter, quitting under a definite cloud, make no mistake about it, and he's rewarded with a paycheque just shy of $5 million. That's what drives people crazy."
Government sources say if Parkinson didn't get the $3.3 million severance, he could have sued for almost double that amount.
The province has since eliminated perks for executives at government-owned utilities, such as cutting access to golf memberships and box seats at arenas and theatres. Contracts are also being reviewed.
With a report from CTV's Paul Bliss
