The Communications, Energy and Paperworkers Union of Canada (CEP) and the
Canadian Union of Public Employees (CUPE) are asking the Ontario Securities
Commission to refuse approval of the Hydro One IPO.

“Despite the government’s promises, an essential utility that has been in public hands
for the past century could end up under foreign control,” said CUPE National president Judy Darcy. The unions argue that the prospectus misrepresents the authority of Ontario to restrict foreign ownership. They also say that a Special Share that would preserve the right of the province to veto efforts to move Hydro One’s head office to the US is vulnerable to challenge by private investors.

“The Securities Act requires full disclosure and the Hydro One share issues, as described in the prospectus, do not meet these conditions,” says Cecil Makowski, CEP’s Ontario Region VP. “This government’s sale of shares in
Hydro One is an abuse of power, and should be halted immediately.”

CEP and CUPE have joined together to fight the privatization of Hydro One. Together the unions represent over 650,000 Canadians, including 250,000 members in Ontario. “The government is misleading investors in the same way
it has mislead Ontario residents.”

“Public hearings should be held so the people of Ontario can have their say,” said Brian Payne, president of CEP. “It’s the least that Ontarians could expect.”