PG&E Board Says Committed To Significant Board Refreshment - Quick Facts

(RTTNews) - PG&E Corp.'s (PCG) board of directors on Monday provided an update on its previously announced Board refreshment process.

The Board currently expects that no more than five of the company's current directors will stand for election at the 2019 Annual Meeting of Shareholders.

The Board intends that a majority of the directors of the company will be new independent directors by the time of the 2019 Annual Meeting, subject to proper consideration of new candidates. The Board is expected to include 11 independent directors at that time.

Subject to applicable regulatory approvals, it is expected that the board of directors of the company's utility subsidiary, Pacific Gas and Electric Co., will track the new composition of PG&E's Board.

PG&E said its board is working with a leading search firm and has identified strong candidates who would add fresh perspectives and augment the Board's expertise in safety, operations and other critical areas.

The company added that as the board continues to work through this process of identifying and evaluating candidates, it is committed to engaging with shareholders and other stakeholders to solicit their views on new independent directors.

"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. That is why we are committed to significant Board refreshment with the current expectation that no more than five current directors will stand for election and the intention that a majority of the Board will be new independent directors," PG&E's board said in a statement.