SHAREHOLDERS TO PUT LIMITS ON SEMPRA EXECUTIVE PAY

“Felsinger’s salary is a graphic example of the grossly disproportionate salaries that CEOs continue to feast upon even in our current economic malaise. It is offensive in many ways, including the fact that it is partially paid by themoney we pay SDG&E montly.” – Michael Shames, Utility Consumers Action Network (UCAN)

By Miriam Raftery

July 8, 2010 (San Diego) Stockholders at Sempra Energy, parent company of San Diego Gas & Electric Company (SDG&E), have approved a “say on pay” clause giving them power to restrict executive compensation. The vote came in may, following disclosure that Sempra’s chief executive, Donald Felsinger, was the highest-paid executive in San Diego County last year with a $20.9 million annual salary and benefits package, plus a $35 million golden parachute retirement package he woudl receive if the company is ever sold.