It?s Bonus Time Again at PG&E

Pacific Gas & Electric awarded its top brass $89.4 million in additional bonuses this month. The big checks came after the utility doled out more than $84 million in bonuses last January, just after it emerged from bankruptcy. While shareholders picked up the tab for earlier perks, ratepayers will fork out about one-third of this batch of rewards. It?s the ?height of corporate indifference to be passing out these bonuses,? fumed Geoffrey Brown, California Public Utilities Commission member. ?California?s economy is struggling to get on its feet. The utility is struggling to get on its feet. [A focus on] customers should be the order of the day,? Brown said. John Nelson, PG&E spokesperson, countered that PG&E does ?encourage employees to put customers first? by offering incentives to meet goals such as customer satisfaction targets. When asked for specifics on which utility performance goals were met to trigger the bonuses, Nelson said the utility considers that information confidential. The July payouts are performance awards for doing a good job last year, according to Nelson. He provided only a partial breakdown of the recent bonuses. The generous perks pocketed by 17 top executives in January were ?retention bonuses? meant to keep top executives on board while the utility weathered bankruptcy. About 6,500 employees are said to be eligible for the annual performance program. After blasting PG&E for disbursing rewards so soon after climbing out of bankruptcy, the commission said last May it will audit the accounting for the retention bonuses to ensure that ratepayers don?t foot the bill. According to PG&E?s Nelson, the utility will file details on this round of bonuses in an annual compensation report to the CPUC next spring. Who Gets How Much Bob Glynn, PG&E Corp. chair: $18.7 million ($17 million in Jan., $1.7 million in July). Gordon Smith, PG&E president: $10.9 million ($9.96 million in Jan., $906,000 in July). Dan Richard, senior VP: $3.8 million ($3.56 million in Jan., $235,000 in July). Greg Rueger, senior VP: $2.9 million ($2.7 million in Jan, $254,000 in July). Roger Peters, senior VP: $2.9 million ($2.7 million in Jan., $228,000 in July). Thomas King, NEG senior VP: $5.3 million ($4.78 million in Jan., $519,000 in July). January Bonuses Peter Darby, PG&E CFO: $6.4 million. Bruce Worthington, senior VP: $3.56 million. G. Brent Stanley, senior VP: $3.56 million. James Randolph, senior VP: $2.7 million. Kent Harvey, CFO: $2.7 million. National Energy Group Thomas Boren, CEO: $7.4 million. Lyn Maddox, senior VP: $4.78 million. Chris Iribe, senior VP: $4.78 million. Steve Herman, senior VP: $2.66 million. John Robert Cooper, senior VP: $2.66 million. Sarah Barpoulis, senior VP: $2.66 million.

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It?s Bonus Time Again at PG&E

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