Duke Energy shareholders calling for directors' heads on a platter

Two major Duke Energy shareholders are urging other investors to vote out the directors in charge of the company's environmental, safety, and health compliance.

The California Public Employees’ Retirement System and the New York City Pension Funds wrote fellow shareholders Monday. They asked that shareholders not re-elect four members of the Duke board’s regulatory policy and operations committee at the May 1 annual meeting.

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The letter cites the Feb. 2 ash spill into the Dan River, saying Duke had “forewarning of the public risk” from environmental groups that had intended to sue Duke over ash contamination.

None of the committee members has coal industry or other relevant experience, CalPERS and New York City comptroller Scott Stringer wrote. The letter says cleanup costs are expected to be massive and note an ongoing federal grand jury investigation.

Oh my! Oversight by people with no relevant experience! That explains a lot when looking at McCrory's appointees.

I'm sure these gentlemen are wealthy enough they won't miss their fees. This page is a cached version from Duke Energy's website that is no longer available. According to the table directors receive $75,000 in cash and $125,000 in stock as their base fee. They also receive $2000+ for meetings even if they are conducted by phone. There is other compensation for the Chair and Lead Directors. Nice paychecks for four men who have no clue what their doing.

Comments

What a bunch

of ashholes.

It's refreshing to see the (usually Teflon unaccountable) directors being called on the carpet. Agreed they won't miss the money, but the public humiliation and future board of director blacklisting is worth something.

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"I will have a priority on building relationships with the minority caucus. I want to put substance behind those campaign speeches." -- Thom Tillis, Nov. 5, 2014

Yes...and now if they will just

assess the careers of those employed by Duke Energy who made the decisions that led to the spills... their names aren't public. Maybe they should be.



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Vote Democratic! The ass you save may be your own.

Free market at work?

Shareholders only became concerned about this - despite warnings of problems for years from environmental groups - after it appears that Duke Energy will actually have to clean up the mess and might face action from the Federal government.

That's the problem with the "free market" approach of McCrory and Company - companies and shareholders are willing to rake in the dough until its clear they're caught violating the law. Then they throw up their hands in a panic and get all self righteous. As investors, they had the information and they took the risk by not speaking out earlier.

A free market isn't "free" when there's not a level playing field, with companies buying influence to skirt laws that all businesses have to follow or fat cats buying laws that benefit their own bottom line and screw everyone else.

I'm not sure

that "Duke Energy" and "free market" belong in the same sentence.



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Vote Democratic! The ass you save may be your own.

Time for shareholders to

Time for shareholders to demand corporations put proper corporate action over dividends. Shareholders should demand the corp they invest in adhere to environmental regulations before there is an accident, not afterwards. And this will be hard to do as it means doing away with greed.

Agree but

most shareholders demand only profits, not corporate responsibility. Many shareholders are large institutional shareholders and their fiduciary responsibility is to make money, period. A relatively few people exert control and those people care about profits.

It's sad that it's so out of balance. It's only become that way over the last few decades.

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"I will have a priority on building relationships with the minority caucus. I want to put substance behind those campaign speeches." -- Thom Tillis, Nov. 5, 2014

Sort of

Part of being an investor and shareholder is looking at potential risks. Duke Energy's behavior on this has been well known and, indeed, should have been in the equation for anyone investing in the company.

Don't cry about it now - you put your money on the roulette wheel, fully knowing the risks. You lost.