Tennessee Valley Authority - Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by the Tennessee Valley Authority (TVA), a corporate agency of the United States, on November 4, 2008, covering events occurring on October 30, 2008. The report details the Board of Directors' public meeting where fiscal year 2008 financial estimates were presented and executive compensation for fiscal year 2009 was approved.
Key Financial Metrics
The filing references estimates for fiscal year 2008 (ended September 30, 2008) but does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity within the text of this report. These figures are contained in the presentation materials furnished as Exhibit 99.1.
Material Changes and Executive Compensation
The Board approved compensation packages for fiscal year 2009 for the following officers, combining base salary, Executive Annual Incentive Plan (EAIP), Executive Long-Term Incentive Plan (ELTIP), and long-term deferred credits:
- Tom Kilgore (President and CEO): $850,000 base salary; 100% EAIP; 150% ELTIP; $300,000 deferred credit.
- William R. McCollum, Jr. (COO): $745,514 base salary; 70% EAIP; 100% ELTIP; $200,000 deferred credit.
- Kimberly S. Greene (CFO): $525,000 base salary; 70% EAIP; 100% ELTIP; $150,000 deferred credit.
- Ashok S. Bhatnagar (SVP, Nuclear Generation): $456,246 base salary; 60% EAIP; 50% ELTIP; $150,000 deferred credit.
- John M. Hoskins (SVP and Treasurer): $272,000 base salary; 40% EAIP; 25% ELTIP; $60,000 deferred credit.
Guidance, Outlook, and Risks
Management presented estimates for fiscal year 2008 results during the October 30 meeting. The filing text does not contain specific forward-looking guidance, risk factors, or contingency details beyond the reference to the presentation materials. No unusual items are explicitly described in the text of this report.
Investor Verification Checklist
- Review Exhibit 99.1 (Mr. Kilgore's presentation) for specific fiscal year 2008 revenue, profit, and cash flow estimates.
- Verify the total potential compensation liability for executives based on the approved incentive percentages.
- Confirm the availability of the presentation materials on the TVA website (www.tva.com/finance) as referenced in the filing.