OPG fires 3 top executives following auditor general report

Ontario Power Generation has announced that it has fired three high ranking executives shortly after the company was criticized in the annual auditor general report.

Auditor general Bonnie Lysyk questioned the OPG’s increase in the amount of “highly paid executive and senior management group” calling it a “top heavy organization.” She also suggested that the number of highly paid executives and senior management has had an impact on electricity rates.

In a letter to the Minister of Energy dated Dec. 4, OPG chairman of the board Jake Epp announced that it has terminated the employment of its Chief Financial Officer; Executive Vice President, Strategic Initiatives; and Vice President, Internal Audit.

The letter also states that the board of directors will undertake an “in-dept review of the Annual Incentive Plan and the merits of a pay-for-performance program at OPG.”

The Auditor General report found that the OPG’s top five executives would be eligible for pensions ranging from $180,000 to $760,000 a year.

Epp says the OPG will address the Auditor General report’s recommendations within the next 60 days.

With files from The Canadian Press

Top Stories

Top Stories

Most Watched Today