State Official Demands CEO of Private Firm Justify Salary

EditorialBy Stephen Frank

State Controller Betty T. Yee today called on Southern California Edison and Edison International to justify executive pay at the utility in light of the costly failure and decommissioning of the San Onofre Nuclear Generating Station.

Since when does a private company have to justify salaries, adiposity of any employee to a government agency? If the stockholders don’t like the pay, dosage fire the CEO and get a new Board of directors. The real purpose of this demand is to show ALL firms, medications if you do something we don’t like, we will make you look like a criminal. We will smear your reputation.

Betty Yee is just another hack politician trying to make a name by tearing down others. Why do we allow this? Yee, should justify her salary and using her office to smear private citizens and firms.

State Controller Asks Edison to Justify Executive Pay

State Controller Yee, 2/24/15

SACRAMENTO – State Controller Betty T. Yee today called on Southern California Edison and Edison International to justify executive pay at the utility in light of the costly failure and decommissioning of the San Onofre Nuclear Generating Station.

A settlement approved by the Public Utilities Commission last November called on customers of Edison and San Diego Gas & Electric to pay $3.3 billion of the cost of mothballing the nuclear power plant on the Pacific shoreline south of San Clemente, where a small radiation leak in 2012 revealed damage to hundreds of tubes inside newly installed steam generators.

As the state’s chief fiscal officer, Controller Yee serves on the boards of CalPERS and CalSTRS, the state’s two biggest pension systems that together hold almost 3.5 million shares in Edison International, the parent company of Southern California Edison. In a letter to Theodore Craver, Jr., chairman of Edison International in Rosemead, Controller Yee requested information about executive pay in the aftermath of San Onofre’s closing.

“In light of these egregious penalties and economic harm, I would expect top executives’ compensation to be adjusted accordingly,” Controller Yee wrote. The full letter can be seen here.

Controller Yee asked Edison to provide CalPERS and CalSTRS investment staff an accounting of executive compensation packages for fiscal years 2013 and 2014. She also asked for an explanation of whether plans for executive stock sales were changed to prevent top officials from enriching themselves at the expense of other shareholders.

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Stephen Frank

Stephen Frank

Stephen Frank: Is the the publisher and editor of the California Political News and Views.  Mr. Frank speaks all over California and appears as a guest on several radio shows each week. He has also served as a guest host on radio talk shows and is a full time political consultant. http://capoliticalnews.com/

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