Board Refreshment Process Underway;
Board Reviewing Structural Options for PG&E;
Independent Experts to Advise Board on Additional Wildfire Safety Best Practices
San Francisco, CA, January 4, 2019 – The Board of Directors of PG&E Corporation (NYSE: PCG) today announced it is making changes to reinforce the company’s commitment to safety and improvement. In addition to prior actions taken to confront the growing wildfire threat, the Board is actively assessing PG&E’s operations, finances, management, structure, and governance — and remains focused on improving safety and operational effectiveness. Among other actions, the Board:
- Is conducting a Board refreshment process that includes searching for new directors at both the holding company and its utility subsidiary Pacific Gas and Electric Company (the Utility). The Board is looking to add fresh perspectives to augment its existing expertise in safety, operations, and other critical areas. The Board is working with a leading search firm to identify new directors and is currently interviewing several candidates.
- Is reviewing structural options to best position PG&E to implement necessary changes while meeting customer and operational needs.
- Has formed a special Board committee that is engaging independent experts to advise on best practices in wildfire safety. The committee is also assessing the additional operational changes proposed by management to enhance safety as PG&E prepares for the 2019 wildfire season.
The Board stated: “The members of the Board fully understand PG&E’s responsibility to its customers, the communities it serves, and all of its stakeholders to drive safety and operational excellence. That is why we are redoubling our ongoing wildfire safety efforts and are looking at every possible action PG&E can take to improve. We want to tap fresh perspectives and additional expertise to help address the changing nature of PG&E’s business and the challenges it faces now and in the future. We are committed to working closely with the California Public Utilities Commission, policymakers, and other stakeholders to provide PG&E customers the safe, reliable, and affordable natural gas and electric services they expect and need.”
About PG&E Corporation
PG&E Corporation (NYSE: PCG) is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com. In this press 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 the timing and outcome of the investigations into the Camp Fire and other factors disclosed in PG&E Corporation’s and the Utility’s annual report on Form 10-K for the year ended December 31, 2017, their most recent quarterly report on Form 10-Q for the quarter ended September 30, 2018, and their subsequent reports filed with the Securities and Exchange Commission. 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.