The McGuinty Liberals have defeated NDP Leader Andrea Horwath’s private members’ bill that would put a hard cap on executive compensation at companies receiving government money.

“The McGuinty Liberals think it is perfectly acceptable for companies to take government money and then give their executives big bonuses, million-dollar stock options and golden parachutes,” said Horwath.

“Obviously, the government isn’t serious about making sure taxpayer money protects Ontario jobs instead of further enriching corporate executives.”

Horwath’s Bill 180 would have capped executive compensation at $400,000 for companies that receive grants or loans from the provincial government.

“Jurisdictions around the world are moving aggressively to institute executive compensation restrictions. Ontario is behind this new reality,” said Horwath.

She noted that in February US President Obama implemented a $500,000 cap on executive pay for companies that receive government bailout money.

During this afternoon’s vote on Horwath’s bill, the McGuinty Liberals joined with the Conservatives to defeat the bill 26 to 8.