SAN FRANCISCO, Sept. 19 /PRNewswire-FirstCall/ -- PG&E Corporation announced today that its Board of Directors voted to amend the company's Bylaws to include adoption of the majority voting standard for the election of directors.
"We are pleased to amend our Bylaws to implement majority voting. We believe this demonstrates the company's continued commitment to good corporate governance and accountability to our shareholders," said Peter A. Darbee, Chairman, Chief Executive Officer and President of PG&E Corporation.
The Board voted to adopt a majority voting standard in uncontested elections of directors when the number of nominees does not exceed the number of directors to be elected. Majority voting requires that nominees to the Board receive support from more than 50 percent of the shares voted in order to be elected. Previously, the company used a plurality voting standard, which provided that the nominees receiving the most votes were elected. Plurality voting was required by California state law prior to January 1, 2007.
The company's new majority voting Bylaw provisions may only be amended by approval of a majority of the outstanding shares, and may not be amended by the Board acting alone.
PG&E Corporation is an energy-based holding company, headquartered in San Francisco. With assets valued at $34 billion, its operations include electric and gas distribution, natural gas and electric transmission, and electric generation. It is the parent company of Pacific Gas and Electric Company. For more information, visit the web site at http://www.pgecorp.com/.
