A copy of the agreement with the province is filed on SEDAR and made available on www.sedar.com. We believe that the agreement we have reached with the Province of Ontario, which provides for an orderly transition of the Board of Directors and the CEO`s successor, is in the best interest of Hydro One and its various stakeholders and provides stability and clarity for Hydro One`s governance and management structure in The Future,” said David Denison. , president of Hydro One. Other important strengths of the agreement with the province are: In the late 1940s and early 1950s, HEPC took a major leap forward with the development of hydroelectric potential along the St. Lawrence River. In the mid-1950s, HEPC merged all power plants and transmission systems into one network to become more efficient and flexible. Also in the 1950s, the development of hydroelectricity was complemented by the construction of coal-fired power plants in Toronto. And in the late 1950s, HEPC began building Canada`s first high-voltage lines (500,000 volts). This has brought electricity from northern Ontario to southern Ontario. However, these transmission lines were not put into service until 1967.
By the early 1970s, all of Ontario`s electrical systems had been merged, creating a provincial grid.  Transparent, effective and independent Governance Structure and Practices Control and approval of the company`s overall approach to corporate governance, taking into account the corporate governance agreement with the Province of Ontario (the „governance agreement”), including board and board terms, corporate governance guidelines and other corporate governance policies and standards , and taking into account best governance practices. But as long as he has a legislative baton, we can assume that the new board of directors will be as accountable to taxpayers as shareholders, if Prime Minister Ford has any hope of securing his promise of a double-digit reduction in hydro rates. Hydro One has committed to complete the transition process to a new board of directors by August 15, 2018. With respect to Mr. Schmidt`s departure, he received amounts consistent with Hydro One`s age policy and his employment contract, in the manner previously announced, and was not entitled to severance pay. Mr. Schmidt receives a lump sum payment of $400,000 instead of all benefits and benefits after retirement. Our approach to corporate governance is to continually improve corporate governance policies and procedures, increase shareholder value and ensure financial sustainability.
We continue to implement initiatives to improve corporate governance practices, in line with existing regulatory requirements of the Ontario Securities Commission (CSO) and the advertising obligations of Act 198, to strengthen the organization. The revisions were the culmination of a review of the board`s governance policy, which began last year after the former Liberal government cut water bills by 25 percent to quell rising public anger. Hydro One works with the transmission and distribution system by connecting production facilities operated by Ontario Power Generation, Bruce Power and a number of other private companies. Generators provide the electricity they generate in hydroelectric, gas, wind, solar and nuclear facilities to businesses and people across Ontario.