Pacific Gas and Electric (NYSE:PCG)
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By Allison Prang
Five of PG&E Corp.'s current board directors at maximum will be up for re-election at the company's annual shareholder meeting, the company's board said Monday,
PG&E's "board intends that a majority of the directors of the company will be new independent directors" come the time of the meeting, the San Francisco company's board said.
"We recognize the importance of adding fresh perspectives to the board to help address the serious challenges the business faces now and in the future," the board said in prepared remarks.
The utility company -- hurt by more $30 billion in wildfire liabilities -- filed for bankruptcy last month. State investigators determined that 18 wildfires started in October 2017 from PG&E's power lines. Twenty-two people died from those fires that burned almost 200,000 acres.
Utility companies, under California law, are liable for fires their equipment caused. The 2018 Camp Fire, which killed 86 people when it moved through the town of Paradise, Calif., is still being investigated.
PG&E's board said at the time of its annual meeting, it expects the board to have 11 independent directors.
Shares of PG&E were unchanged in premarket trading Monday. Year to date, they have fallen 40%.
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(END) Dow Jones Newswires
February 11, 2019 07:38 ET (12:38 GMT)
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