Adopts Majority Voting in Director Elections
(San Francisco, CA) – PG&E Corporation
(NYSE: PCG) announced today that its Board of Directors
voted to amend the company’s Bylaws to include
adoption of the majority voting standard for the election
of directors.
“We are pleased to amend our Bylaws to implement
majority voting. We believe this demonstrates the company’s
continued commitment to good corporate governance and
accountability to our shareholders,” said Peter
A. Darbee, Chairman, Chief Executive Officer and President
of PG&E Corporation.
The Board voted to adopt a majority voting standard
in uncontested elections of directors when the number
of nominees does not exceed the number of directors
to be elected. Majority voting requires that nominees
to the Board receive support from more than 50 percent
of the shares voted in order to be elected. Previously,
the company used a plurality voting standard, which
provided that the nominees receiving the most votes
were elected. Plurality voting was required by California
state law prior to January 1, 2007.
The company’s new majority voting Bylaw provisions
may only be amended by approval of a majority of the
outstanding shares, and may not be amended by the Board
acting alone.
PG&E Corporation is an energy-based holding company,
headquartered in San Francisco. With assets valued at
$34 billion, its operations include electric and gas
distribution, natural gas and electric transmission,
and electric generation. It is the parent company of
Pacific Gas and Electric Company. For more information,
visit the web site at http://www.pgecorp.com.