PG&E Corp and Pacific Gas and Electric Company 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed on December 7, 2017, by PG&E Corporation and its subsidiary, Pacific Gas and Electric Company (the "Utility"). The report addresses a specific corporate governance event regarding the departure of a director from the Utility's Board.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to Item 5.02 regarding officer and director changes and contains no financial performance data.
Material Changes
On December 7, 2017, Jeh C. Johnson resigned from the Board of Directors of Pacific Gas and Electric Company effective immediately. Mr. Johnson remains a director of PG&E Corporation and continues to serve on the Compliance and Public Policy Committee and the Safety and Nuclear Oversight Committee of the parent company.
Outlook, Risks, and Management Commentary
The resignation was necessitated by regulatory compliance requirements. Mr. Johnson was elected to the Board of Directors of Lockheed Martin Corporation, effective January 1, 2018. Under the Federal Power Act and Federal Energy Regulatory Commission (FERC) regulations, an individual cannot simultaneously serve as a director of a public utility and a director of a company that supplies electrical equipment to that utility without specific FERC pre-approval. To avoid holding interlocking positions, Mr. Johnson stepped down from the Utility's board.
Key Facts for Investor Verification
- Jeh C. Johnson resigned from the Pacific Gas and Electric Company Board on December 7, 2017.
- The resignation was to comply with FERC regulations prohibiting interlocking directorships between a public utility and its equipment suppliers.
- Mr. Johnson remains a director of PG&E Corporation.
- Mr. Johnson was elected to the Lockheed Martin Corporation Board effective January 1, 2018.