Government Appoints Council to Review Hydro One, OPG and the LCBO
Ontario Looking to Boost Value and Service at Key Government Enterprises
The Ontario government has appointed a council to recommend ways to improve the efficiency and optimize the full value of Hydro One, Ontario Power Generation (OPG), and the Liquor Control Board of Ontario (LCBO). The Premier's Advisory Council on Government Assets will examine how to get the most out of key government assets to generate better returns and revenues for Ontarians.
Ed Clark, Group President and CEO of TD Bank Group, will chair the council. As part of its review, the council will consider various options to generate better returns and revenues to maximize the value of these government business enterprises to the province, including such measures as efficient governance, growth strategies, corporate reorganization, mergers, acquisitions, and public-private partnerships. The council will give preference to owning rather than selling core assets.
The government is committed to strengthening the accountability, financial management, and transparency of its business enterprises. The council will report to the Premier on Hydro One, OPG, and the LCBO by the end of 2014.
Providing excellent value for Ontarians is part of the government's economic plan that is creating jobs for today and tomorrow. The comprehensive plan and its six priorities focus on Ontario's greatest strengths - its people and strategic partnerships.
- Members of the council include: David Denison, former President and Chief Executive Officer of the Canada Pension Plan Investment Board; Janet Ecker, President and CEO of the Toronto Financial Services Alliance and a former Ontario cabinet minister; Ellis Jacob, President and Chief Executive Officer of Cineplex Entertainment; and the Honourable Frances Lankin, former co-Commissioner for the Ontario Commission for the Review of Social Assistance and a former Ontario cabinet minister.
- Hydro One accounts for 97 per cent of Ontario’s electricity transmission capacity.
- OPG generates more than 50 per cent of the electricity used in Ontario.
- The LCBO operates 634 retail stores and has 219 agency stores.
“We are looking to maximize the value of our crown corporations owned by the people of Ontario. The Council will look to sweat the income statements so we can reinvest in public infrastructure projects that will create jobs and grow the economy.”