Business Context and Reporting Period
This Form 8-K Current Report is filed by the Tennessee Valley Authority (TVA), a corporate agency of the United States. The report covers events occurring on December 31, 2007, and was signed on January 7, 2008.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance changes.
Material Changes
On December 31, 2007, two members of the TVA Board of Directors, Susan Richardson Williams and Bishop William Graves, ceased to serve as directors. Their terms had expired on May 18, 2007, but they continued serving under the TVA Act until the end of the congressional session. Because Congress adjourned without the Senate voting on their re-nominations, their service terminated.
- Board Composition: The Board now consists of six directors due to these departures and a previous vacancy.
- Quorum Status: Under the TVA Act, a quorum for transacting business requires five directors. The current board of six maintains a quorum.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding operational performance. The primary contingency noted is the vacancy on the Board of Directors, which is currently being managed within the legal framework of the TVA Act.
Key Facts for Investor Verification
- Two directors (Williams and Graves) departed the Board on December 31, 2007, due to the adjournment of Congress without Senate confirmation of their re-nominations.
- The Board currently has six directors, which satisfies the five-director quorum requirement for conducting business.
- No financial data or operational metrics are disclosed in this specific filing.