Such a move would send ripples through the entire public sector that the government won’t stand for these types of compensation packages, Smith said.

According to Hydro One documents, it may not be a cheap thing to do.

The contract for President and CEO Mayo Schmidt, who received a $1.7 million increase in compensation this year to bring his take home to $6.2 million, stipulates that he’s entitled to $5 million if terminated without cause.

That golden parachute grows to $10.7 million if Schmidt is terminated without cause after a “change in control” such as the Ontario government replaces the entire board. Similar agreements are in place for other top executives at Hydro One.

“We will not engage in politics, however our customers deserve the facts,” a Hydro One statement says. “We have heard the feedback from our customers and the regulator about executive compensation. That’s why we decided earlier this year that customers will only pay for the CEO’s salary as it was at the time of the IPO. Hydro One customers will pay 2 cents on their monthly bill for the CEO’s compensation — this is the same as before privatization.”

The majority of executive compensation is paid for by shareholders, Hydro One said.

Energy Minister Glenn Thibeault said Ford is obliged to explain clearly how his “chaotic scheme” would work.

“We’ve already seen the chaos created by a man in the White House who’s governing by firing people all the time,” Thibeault said in a statement. “Ford’s gimmick will drag us down into the same mess and won’t actually do anything to reduce hydro bills, either.”

Since 2003, the Liberal government has tripled hydro rates, at a cost of about $1,000 a year, while hydro executives have taken home millions of dollars in bonuses, Ford said.

Schmidt’s salary is more than six times higher than comparable executive compensation across the country, the PCs say.

Meanwhile, people across the province are telling him they can’t afford their hydro bills, Ford said.

“You can take this to the bank – the CEO’s gone and the board’s gone,” Ford said. “The party’s over.”