TORONTO, Feb. 6, 2014 /CNW/ - Toronto Hydro Corporation ("Toronto Hydro") today announced changes to its expense policy for all management staff, as part of an on-going effort to bring greater clarity, openness and transparency to expense reporting and disclosure. Effective immediately Toronto Hydro will:
- Report all executive and board member expenses for the last three years, in a format consistent with the City of Toronto's Business Expense Policy for City senior staff https://www.torontohydro.com/sites/corporate/AboutUs/Pages/CorporateGovernance.aspx
- Report future expenses quarterly, also consistent with the City of Toronto.
- Align Toronto Hydro's expense policy for all non-unionized staff with the City of Toronto's Business Expense Policy.
"This change makes Toronto Hydro one of the most transparent municipally-owned utilities in the country," said David Williams, Chair of the Board. "We recognize that public expectations have changed when it comes to openness and transparency. We welcome that scrutiny and are taking steps to address it."
Toronto Hydro is mandated by its shareholder, the City of Toronto, to operate on a commercially prudent basis and is committed to appropriate, efficient use of funds.
Over the last number years, continual improvement has been a cornerstone of our corporate culture and central to our business strategy, and today's initiatives reflect that culture and strategy. The board has directed management to carry out the changes announced today.
About Toronto Hydro
Toronto Hydro Corporation is a holding company, which wholly-owns two principal subsidiaries: Toronto Hydro-Electric System Limited - which distributes electricity and engages in Conservation and Demand Management ("CDM") activities; and Toronto Hydro Energy Services Inc. - which provides street lighting services. The principal business of the Corporation and its subsidiaries is the distribution of electricity by Toronto Hydro-Electric System Limited. Toronto Hydro-Electric System owns and operates an electricity distribution system, which delivers electricity to approximately 723,000 customers located in the City of Toronto. It is the largest municipal electricity distribution company in Canada and distributes approximately 19% of the electricity consumed in Ontario.
SOURCE: Toronto Hydro Corporation
For further information:
Tanya Bruckmueller, Toronto Hydro-Electric System