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PG&E Corporation (NYSE:PCG) and its subsidiary Pacific Gas and Electric Company disclosed in a recent SEC filing several corporate governance changes. Effective February 19, 2025, Leo P. Denault will join the boards of both entities. Mr. Denault, with over four decades of experience in the power industry, previously held the position of Chairman and CEO at Entergy Corporation (NYSE:ETR) until 2022. His appointment will expand PG&E Corporation's Board to 14 members and the Utility's Board to 15.
The compensation for Mr. Denault will align with the existing policies for non-employee directors, as detailed in the joint proxy statement from April 4, 2024. There are no reported arrangements or familial ties influencing his appointment, nor any transactions between Mr. Denault and PG&E that would require disclosure under SEC regulations.
Additionally, on December 12, 2024, both boards adopted amended and restated bylaws, which took immediate effect. Key amendments include the removal of provisions regarding classified boards, specifying that officers may only be elected and removed by the Board, and allowing the Chairperson or a Board-appointed officer to elect certain subordinate officers. These changes aim to streamline governance processes and clarify director and officer roles.
The filing, dated December 16, 2024, also includes the complete text of the Amended and Restated Bylaws. This move comes as part of PG&E's ongoing efforts to enhance its governance framework following past challenges. The information is based on a press release statement.
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