SCANA investors to vote on top executives’ pay

Jerry Bellune
Posted 8/23/18

SCANA investors will have a say next month in how much the top brass is paid.

Because the vote is non-binding, SCANA’s board can ignore the results and pay executives what they want.

The …

This item is available in full to subscribers.

Subscribe to continue reading. Already a subscriber? Sign in

Get 50% of all subscriptions for a limited time. Subscribe today.

You can cancel anytime.
 

Please log in to continue

Log in

SCANA investors to vote on top executives’ pay

Posted

SCANA investors will have a say next month in how much the top brass is paid.

Because the vote is non-binding, SCANA’s board can ignore the results and pay executives what they want.

The vote will be at the Lexington County-based company’s annual meeting at 9 a.m. Wednesday, Sept. 12, at the Columbia Conference Center. A ticket is required to prove you were a shareholder of record on July 25, 2018.

Some investors may not know that SCANA’s board cut executives’ pay last year when they abandoned their $9 billion nuclear project.

According to filings with securities regulators, the board tried to punish those who mismanaged the failure by denying bonuses and cutting pay based on profits and executives’ goals.

Executive contracts, however, ensured they got much of what they expected.

SCANA’s top six executives were awarded $11.8 million in compensation.

Former CEO Kevin Marsh got $5.2 million of that and retired with millions in unclaimed stock last year.

Marsh and Steve Byrne who managed the nuclear project each took a pay cut of about 15%. Current CEO Jimmy Addison’s pay was cut 17% while he was the company’s finance chief.

Byrne got $2.2 million and Addison $2.1 million.

Chief nuclear officer Jeff Archie made $1 million and former general counsel Ron Lindsay, who retired in July, made $1.2 million.

Much of the executives’ pay came in the form of SCANA stock, which fell from over $70 a share to about $40 a share.

Comments

No comments on this item Please log in to comment by clicking here