RALEIGH, N.C., Feb. 24 /PRNewswire-FirstCall/ -- Progress Energy today filed a preliminary proxy with the Securities & Exchange Commission (SEC) that includes two management proposals regarding changes in board governance rules. The preliminary proxy filing was required by the SEC due to the two management proposals. The final proxy will be filed and mailed to shareholders in late March.
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The proposed changes, which have been adopted by many other companies, are designed to make boards of directors more responsive and accountable to shareholders. In the first management proposal, board members would stand for re-election each year, as opposed to the current three-class staggered system. Second, each member would need a majority of shareholder votes cast to be elected to the board as opposed to the current plurality standard.
"Progress Energy has long been recognized as a leader in the areas of corporate governance, transparency, board independence and accountability," said Bob McGehee, chairman and CEO, Progress Energy. "We believe these proposals are consistent with those same high standards."
Also in the preliminary proxy filed today, Progress Energy is nominating Harris E. DeLoach Jr., 61, chairman, president and CEO of Sonoco Products Company in Hartsville, S.C., to serve on its board of directors. Two Progress Energy board members, Charles W. Coker and William O. McCoy, will retire in May.
Progress Energy , headquartered in Raleigh, N.C., is a Fortune 250 diversified energy company with more than 24,500 megawatts of generation capacity and $10 billion in annual revenues. The company's holdings include two electric utilities serving approximately 3 million customers in North Carolina, South Carolina, and Florida. Progress Energy also includes nonregulated operations covering merchant generation, energy marketing and natural gas exploration. Progress Energy was the 2005 recipient of the prestigious J.D. Power and Associates Founder's Award for dedication, commitment and sustained improvement in customer service. For more information about Progress Energy, visit the company's Web site at http://www.progress-energy.com/.
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