Tuesday's SCANA vote may mean less than it was billed.
By a two-thrds majority, the company estimated, SCANA share holders approved a $14.6 billion buyout by Dominion Energy of …
This item is available in full to subscribers.
Please log in to continueNeed an account?
|
Tuesday's SCANA vote may mean less than it was billed.
By a two-thrds majority, the company estimated, SCANA share holders approved a $14.6 billion buyout by Dominion Energy of Virginia.
It is a deal unmatched in state history.
But the vote is not binding, its board chair said.
Involved are 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.
SCANA’s share holders had formally approved the sale of their company to Dominion, which offered them billions of dollars’ worth of stock, and a fix to the nuclear financial mess.
A $111 million trust fund is in reserve for SCANA executives that Dominion fires, lawyers said in court Monday, according to the Charleston Post and Courier.
Share holders rejected a resolution on executive compensation, but chairman Maybank Hagood said the vote wouldn’t change the outcome. The vote required by federal law, he said, was symbolic.
Please see this week's Chronicle for further details
Other items that may interest you
Comments
No comments on this item Please log in to comment by clicking here