PG&E Corporation today (May 31) announced that it is raising its quarterly common stock dividend by 4 cents per share to 53 cents per share, beginning with the dividend for the second quarter of 2017. On an annual basis, this action increases PG&E Corporation’s dividend by 8 percent, from $1.96 per share to $2.12 per share.
“This represents another significant step toward returning our dividend payout to levels in line with those of similar energy companies. Offering a comparable dividend positions PG&E to more cost-effectively raise capital to support continued major investments in safety, reliability and clean energy on behalf of our customers,” said PG&E Corporation CEO and President Geisha Williams.
The company also announced that shareholders elected Williams to the PG&E Corporation Board of Directors, and elected former U.S. Secretary of Homeland Security Jeh C. Johnson to the PG&E Corporation Board of Directors and the Board of Directors of its subsidiary, Pacific Gas and Electric Company. Secretary Johnson will serve on the Compliance and Public Policy Committee and on the Nuclear, Operations, and Safety Committee of the PG&E Corporation Board of Directors.
“Our customers and our company stand to benefit greatly from Secretary Johnson’s vast experience in the public and private sectors, particularly in matters of security, cybersecurity, critical infrastructure protection and emergency response,” said PG&E Corporation Executive Chair of the Board Tony Earley.
Secretary Johnson served as the head of Homeland Security from December 2013 to January 2017, and is now a partner at the international law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP. Previously, he served as General Counsel of the U.S. Department of Defense, General Counsel of the U.S. Department of the Air Force, and Assistant U.S. Attorney in the Southern District of New York.
Both announcements reflect PG&E’s continued focus on positioning itself for the future. Yesterday, in remarks at the joint annual shareholders meeting of PG&E Corporation and Pacific Gas and Electric Company, Williams highlighted the companies’ progress on safety, reliability and reducing greenhouse gas emissions, among other accomplishments. She reaffirmed PG&E’s commitment to safety and operational excellence, delivering for customers and leading the way to achieve California’s clean energy goals.
“Ultimately, we see PG&E as not only playing a fundamental role in meeting our customers’ evolving energy needs, but also paving the way for California’s sustainable energy future. Our goals and plans over the next five years are focused on that….We are seeing exciting advancements in areas such as distributed generation, alternative-fueled vehicles and battery storage. Our job is to provide the platform that interconnects all of these technologies in order to maximize their benefits for customers,” said Williams.
At the companies’ joint annual meeting of shareholders, in addition to electing all nominees to the PG&E Corporation and Pacific Gas and Electric Company Boards of Directors, shareholders ratified the re-appointment of the companies’ independent registered public accounting firm, Deloitte & Touche LLP; approved the companies’ executive compensation on an advisory basis; approved an annual frequency for the advisory vote on executive compensation; and did not approve a shareholder proposal that PG&E Corporation discontinue its charitable giving program unless a majority of our customers positively affirm it through a public vote. Final voting results will be reported in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission and will be available on the companies’ websites.
The PG&E Corporation Board of Directors declared the second-quarter 2017 common stock dividend of $0.53 per share, payable on July 15, 2017, to shareholders of record on June 30, 2017. In addition, the Pacific Gas and Electric Company Board of Directors declared the regular preferred stock dividend for the three-month period ending July 31, 2017, payable on August 15, 2017 to shareholders of record on July 31, 2017.
In order to be considered a shareholder of record for the common or preferred dividend payment, a shareholder must have purchased the stock at least three trading days before the applicable record date.
Email Currents at Currents@pge.com.