Board Refreshment Process Underway;
Board Reviewing Structural Options for PG&E;
Independent Experts to Advise Board on Additional Wildfire Safety
Best Practices
SAN FRANCISCO--(BUSINESS WIRE)--
The Board of Directors of PG&E Corporation (NYSE: PCG) today announced
it is making changes to reinforce the company’s commitment to safety and
improvement. In addition to prior actions taken to confront the growing
wildfire threat, the Board is actively assessing PG&E’s operations,
finances, management, structure, and governance -- and remains focused
on improving safety and operational effectiveness. Among other actions,
the Board:
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Is conducting a Board refreshment process that includes searching for
new directors at both the holding company and its utility subsidiary
Pacific Gas and Electric Company (the Utility). The Board is looking
to add fresh perspectives to augment its existing expertise in safety,
operations, and other critical areas. The Board is working with a
leading search firm to identify new directors and is currently
interviewing several candidates.
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Is reviewing structural options to best position PG&E to implement
necessary changes while meeting customer and operational needs.
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Has formed a special Board committee that is engaging independent
experts to advise on best practices in wildfire safety. The committee
is also assessing the additional operational changes proposed by
management to enhance safety as PG&E prepares for the 2019 wildfire
season.
The Board stated: “The members of the Board fully understand PG&E’s
responsibility to its customers, the communities it serves, and all of
its stakeholders to drive safety and operational excellence. That is why
we are redoubling our ongoing wildfire safety efforts and are looking at
every possible action PG&E can take to improve. We want to tap fresh
perspectives and additional expertise to help address the changing
nature of PG&E’s business and the challenges it faces now and in the
future. We are committed to working closely with the California Public
Utilities Commission, policymakers, and other stakeholders to provide
PG&E customers the safe, reliable, and affordable natural gas and
electric services they expect and need.”
About PG&E Corporation
PG&E Corporation (NYSE: PCG) is a Fortune 200 energy-based holding
company, headquartered in San Francisco. It is the parent company of
Pacific Gas and Electric Company, an energy company that serves 16
million Californians across a 70,000-square-mile service area in
Northern and Central California. For more information, visit http://www.pgecorp.com.
In this press release, they are together referred to as “PG&E.”
Cautionary Statement Concerning Forward-Looking Statements
This news release includes forward-looking statements that are not
historical facts, including statements about the beliefs, expectations,
estimates, future plans and strategies of PG&E Corporation and the
Utility. These statements are based on current expectations and
assumptions, which management believes are reasonable, and on
information currently available to management, but are necessarily
subject to various risks and uncertainties. In addition to the risk that
these assumptions prove to be inaccurate, factors that could cause
actual results to differ materially from those contemplated by the
forward-looking statements include the timing and outcome of the
investigations into the Camp Fire and other factors disclosed in PG&E
Corporation’s and the Utility’s annual report on Form 10-K for the year
ended December 31, 2017, their most recent quarterly report on Form 10-Q
for the quarter ended September 30, 2018, and their subsequent reports
filed with the Securities and Exchange Commission. PG&E Corporation and
the Utility undertake no obligation to publicly update or revise any
forward-looking statements, whether due to new information, future
events or otherwise.
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Media Relations
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Source: PG&E Corporation