Scana Executives Who Fouled Up Are Now In Line For Millions In Golden Parachutes.”

SCANA Corp. apparently already had the votes needed before the sham share holder meeting last week.

Board chair Maybank Hagood didn’t call it a sham but said the vote was taken for one reason only — it’s required by law.

That’s a step Lexington-County-based SCANA always seems to take. It pays big bucks for top legal advice and takes it.

But Tuesday’s vote may mean less than billed. By a 2/3rds majority, the company estimated, SCANA share holders approved a $14.6 billion buyout by Dominion Energy of Virginia.

Hagood also said the vote is not binding. That means it’s board can do whatever they want and that can mean millions of dollars in golden parachutes for executives who mismanaged the company’s $19 billion nuclear fiasco.

An hour of share holder grievances didn’t change the result. Nor was it meant to. Share holders, like ratepayers, can say what they want. But the company’s board and brass don’t have to do what they want.

It is a corporate sham.

SCANA’s board and executives know their jobs are on the line when they sell their company to Dominion. The $14.6 billion sale includes Dominion’s promise to fix the financial mess SCANA bosses created.

A company deep in debt has $111 million to pay executives they expect Dominion to fire.

The share holders rejected the resolution on executive compensation but Hagood said the vote won’t change anything.

Golden parachutes like these actually offer a disincentive for executives to do their best.

If top executives know they will get millions in payoffs more than salaries and bonuses, it can be more profitable for them to perform poorly and get fired.

SCANA executives fouled up a $19 billion project, lied about it and will exit with millions of dollars and no consequences.

That’s what SCANA CEO Kevin Marsh and Santee Cooper CEO Lonnie Carter did. It appears others will follow them out the door with share holders’ and ratepayers’ money.

– JerryBellune@yahoo.com

SCANA executives who fouled up are now in line for millions in golden parachutes.