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Executive Compensation Summary

HSN posts an overview of employment agreements for its Designated Executives, as well as the full employment agreements for its President and Chief Executive Officer.

 

Salary caps 

HSN benchmarks the compensation of its executives with eight similar-sized Ontario hospitals. The benchmark hospitals were selected by the Board based on their size, in terms of audited revenues, and represent the four smaller hospitals and the four bigger hospitals next to HSN. The eight benchmark hospitals are: Southlake Regional Health Centre, Centre for Addiction and Mental Health, St. Joseph’s Health Care London, Windsor Regional Hospital, Humber River Hospital, Kingston General Hospital, Sinai Health System and Lakeridge Health. Four of the eight hospitals belong to the Council of Academic Hospitals of Ontario (CAHO) as does HSN. These hospitals had in 2018-2019 between $424 million and $639 million in revenues, with a median of $515 million comparable to HSN’s revenues of $504 million. These hospitals have between 2,073 and 3,335 full-time equivalent (FTE) employees, with a median of 2,828 FTEs comparable to HSN’s FTE of 2,840. HSN proposes to cap the annual compensation of its executives to the median of this comparator group of eight similar-sized Ontario hospitals.

Dual appointments

Like his predecessor, the President and Chief Executive Officer (CEO) of HSN also serves as CEO of the HSNRI, a separate organization governed by a separate Board of Directors providing separate compensation. Eighty percent (80%) of the CEO’s compensation is paid by HSN and 20% is paid by HSNRI. The CEO base salary at HSN is $320,824. The CEO is eligible to annual performance pay of up to 15% of base salary, contingent on the achievement of performance goals, bringing the CEO’s eligible compensation at HSN to $368,947. The base salary at HSNRI is  $80,206. The CEO is eligible to annual performance pay of up to 15% of base salary contingent on the achievement of performance goals, bringing the CEO’s eligible compensation at HSNRI to $92,237. CEOs of HSN’s comparator group of eight similar-sized Ontario hospitals earned in 2018 between $418,120 and $684,006, with the median being $539,957.

The Senior Vice-President and Chief Operating Officer of HSN serves as Chief Financial Officer of HSNRI. The Vice-President, Academic and Research Impact and the Advisor at HSNRI fulfill Vice-President duties at HSN. The sharing of these four executives between HSN and HSNRI has enabled both organizations to minimize duplication and save costs.

The Vice-President and Chief Nursing Executive of HSN also serves as President of SVL, a corporation controlled by HSN.