Hydro One Appoints New Board of Directors in Preparation for IPO
Hydro One has appointed a new Board of Directors in preparation for the company’s Initial Public Offering (IPO), a move that will transform the utility into a publicly traded company. The new Board of Directors will oversee the company during the IPO process. According to the Ministry of Energy, they have been chosen for their business leadership and energy industry expertise.
The new Board of Directors are:
- David Denison (returning Director and Chair), former President and CEO of the Canada Pension Plan Investment Board
- Ian Bourne, Chair of Ballard Power Systems Inc.
- Charles Brindamour, CEO of Intact Financial Corporation
- Marc Caira, Vice Chairman of the Board of Directors of Restaurant Brands International Inc.
- Christie Clark, former CEO and Senior Partner of PricewaterhouseCoopers LLP
- George Cooke, (returning Director), Chair of the Board of Directors of the OMERS Administration Corporation
- M. Marianne Harris, former Managing Director at Bank of America Merrill Lynch Canada
- James Hinds, former Chair of the Independent Electricity System Operator (IESO) Board
- Kathryn Jackson, Senior Vice President and Chief Technology Officer of RTI International Metals, Inc.
- Roberta Jamieson, President and CEO of Indspire, former Board Member of Ontario Power Generation, and former Ombudsman of Ontario
- 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
- Carmine Marcello, (returning Director), President and CEO of Hydro One Inc.
- Philip Orsino, former President and CEO of JELD-WEN Inc.
- Jane Peverett, former President and CEO of British Columbia Transmission Corporation
- Gale Rubenstein, (returning Director), Partner at the law firm Goodmans LLP
Proceeds from the IPO will be funneled into the Trillium Trust as part of a plan to invest billions of dollars into transit and other infrastructure projects. Selling part of the public asset will also contribute towards paying down the province’s electricity debt. The IPO will allow shares to be purchased by the general public, a process that the government intends to be completed in the current fiscal year.