SAN FRANCISCO — Pacific Gas and Electric Company and its parent, PG&E Corporation, stated at their joint annual shareholders meeting today that their top priorities remain instituting improvements to further reduce wildfire risk and achieve companywide operational excellence, and working expeditiously through the Chapter 11 process so that the company can compensate wildfire victims as quickly as possible.
"PG&E's primary focus is taking action to create an operations environment where safety and integrity always come first," said PG&E Corporation's independent Chair of the Board, Nora Mead Brownell. "We have heard the calls for change, and have worked to put the right leadership in place to drive this change. Our new Boards of Directors bring a diverse and balanced mix of experiences and competencies. We are committed to using our expertise to better serve our customers and communities, and help the company move through Chapter 11 and fairly and expeditiously compensate the victims of wildfire."
Bill Johnson, PG&E Corporation's Chief Executive Officer and President, said, "We have acknowledged our role in the tragic Camp Fire and are doing everything we can to prevent another catastrophe like that from ever happening again. Thousands of employees and contractors are working on a scale never before seen in our industry to mitigate wildfire risk. At the same time, we are developing a more sustainable business model, one that will allow for necessary system investments while protecting customer rates. Nothing is more important than our customers and the communities we serve, and we must work to restore their trust and provide them with the safe, reliable, affordable and sustainable energy service they deserve."
The meeting included a report on the preliminary results of the shareholder vote on the items of business. Preliminary voting results indicate that all nominated members of the Boards of Directors of PG&E Corporation and Pacific Gas and Electric Company will be elected for a one-year term. These Board members are as follows: Richard Barrera, Jeffrey Bleich, Nora Mead Brownell, Fred Buckman, Cheryl Campbell, Fred Fowler, Bill Johnson, Michael Leffell, Kenneth Liang, Dominique Mielle, Meridee Moore, Eric Mullins, Kristine Schmidt and Alejandro Wolff.
Preliminary voting results also indicate PG&E Corporation shareholders voted to increase the maximum size of the PG&E Corporation Board to 15 directors and to increase the minimum size to eight directors; ratify the appointment of the companies' independent registered public accounting firm, Deloitte & Touche LLP, for 2019; and approve the companies' executive compensation on a non-binding advisory basis. Final voting results will be reported in a Form 8-K Report to be filed with the Securities and Exchange Commission (SEC) and will be available on the PG&E Corporation website.
About PG&E Corporation
PG&E Corporation is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company (the "Utility"), an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. Each of PG&E Corporation and the Utility is a separate entity, with distinct creditors and claimants, and is subject to separate laws, rules and regulations. For more information, visit http://www.42chongdong.com. In this news release, they are together referred to as "PG&E."
Cautionary Statement Concerning Forward-Looking Statements
This news release includes forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation's and the Utility's annual report on Form 10-K for the year ended December 31, 2018, their most recent quarterly report on Form 10-Q for the quarter ended March 31, 2019, and their subsequent reports filed with the SEC. Additional factors include, but are not limited to, those associated with the Chapter 11 cases of PG&E Corporation and the Utility that commenced on January 29, 2019. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.