NEWS RELEASE
MINISTRY OF ENERGY
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New Board Will Lead Transition to a Publicly Traded Company
Ontario has appointed a new board of directors for Hydro One Inc., drawing upon a diverse and accomplished group of proven leaders.
The new Board will oversee the company as it prepares to become publicly traded, with a renewed focus on customer service excellence and improved performance and reliability.
David Denison, Chair of Hydro One Inc. (Hydro One), worked closely with the government in selecting new Board members.
Board members were selected to meet strong qualifications that include independence, commercial experience, and strong expertise.
The group includes some of the country’s best known business leaders, electricity sector experts, corporate directors and a former provincial Ombudsman.
The new Board of Directors for Hydro One are:
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David Denison (returning Director and Chair), former President and CEO of the Canada Pension Plan Investment Board
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Ian Bourne, Chair of Ballard Power Systems Inc.
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Charles Brindamour, CEO of Intact Financial Corporation
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Marc Caira, Vice Chairman of the Board of Directors of Restaurant Brands International Inc.
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Christie Clark, former CEO and Senior Partner of PricewaterhouseCoopers LLP
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George Cooke, (returning Director), Chair of the Board of Directors of the OMERS Administration Corporation
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M. Marianne Harris, former Managing Director at Bank of America Merrill Lynch Canada
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James Hinds, former Chair of the Independent Electricity System Operator (IESO) Board
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Kathryn Jackson, Senior Vice President and Chief Technology Officer of RTI International Metals, Inc.
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Roberta Jamieson, President and CEO of Indspire, former Board Member of Ontario Power Generation, and former Ombudsman of Ontario
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Frances Lankin, a member of the Board of Directors with the Ontario Lottery and Gaming Corporation; former President and CEO of United Way Toronto; and former member of the Premier ‘s Advisory Council on Government Assets
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Carmine Marcello, (returning Director), President and CEO of Hydro One Inc.
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Philip Orsino, former President and CEO of JELD-WEN Inc.
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Jane Peverett, former President and CEO of British Columbia Transmission Corporation
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Gale Rubenstein, (returning Director), Partner at the law firm Goodmans LLP
New legislation, now passed, enables net proceeds from Hydro One’s Initial Public Offering to be held in the Trillium Trust to help finance billions of dollars in in transit, transportation and other priority infrastructure projects across the province.
Maximizing the value of Hydro One Inc. is part of the government's economic plan to build Ontario up.
The four-part plan includes investing in people's talents and skills, making the largest investment in public infrastructure in Ontario's history, creating a dynamic and innovative environment where business thrives, and building a secure retirement savings plan.
"We have assembled a new Board of Directors of Hydro One that has tremendous talent and experience. This diverse and accomplished group will help move the company forward, enabling the investment of billions in new transit and infrastructure while renewing focus on customer service excellence, improved performance and reliability," said Bob Chiarelli, Minister of Energy.
"The new Board of Directors is uniquely well qualified to help guide Hydro One through this period of transition and towards a publicly traded, customer service centred company," said David Denison, Chair of Hydro One Inc.
QUICK FACTS
- In order to strengthen long-term performance and generate value for Ontarians, the government intends to broaden ownership of Hydro One through an Initial Public Offering (IPO).
- An IPO is a multistage process that would allow shares to be purchased by the general public.
- The province anticipates being able to close the IPO transaction in the current fiscal year.
ADDITIONAL RESOURCES
- Read more about the government’s plan to unlock the value of public assets.
- Find out more about the final recommendations of the Advisory Council on Government Assets.
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