CEO of energy giant gets $3 MILLION bonus after meeting controversial ESG goals
CEO of energy giant Virginia gets $3M bonus after meeting controversial ESG targets despite company stock plummeting amid claims it overcharged customers by $1bn
- Dominion Energy handed out $3 million in bonuses to their CEO Robert Blue after the company made controversial ESG performance
- His bonuses have been labeled ‘blatant’ by a consumer watchdog
- It comes after environmental watchdog alleged to Virginia’s State Corporation Commission that Dominion has been overcharging customers $1.2 billion since 2015
The CEO of a Virginia-based energy company has received a $3 million bonus in two years after meeting controversial ESG goals.
Dominion Energy, headquartered in Richmond, is on the list of companies that have given significant amounts of money to their CEO, Robert Blue, in part because of his work on ESG performance.
ESG is a scoring system that rates companies based on factors such as their environmental, social and governance policies – which critics say is controversial because they allocate money based on agenda rather than a drive to fight climate change.
In March, Dominion Energy released its proxy statement for 2022, which revealed that Blue earned a bonus of approximately $1.6 million, in part due to meeting ESG goals.
The year before, he received $1.75 million, meaning the latest figure puts his bonuses at over $3 million, in part because the company met ESG goals.
Dominion Energy CEO Robert Blue speaks at a press conference at the Marriott Hotel at Waterfront Place on June 3, 2021 in Morgantown, West Virginia
A sign stands at Dominion Energy’s coal power plant along the James River in Chester, VA on April 29, 2015
from Baron published a finding that purported companies incentivize CEOs to help companies achieve these goals, to the tune of tens of millions of dollars.
The publication said: “More than 60% of S&P 500 companies incorporated ESG measures into executive compensation last year, up from 19 percent in 2019, according to proxy consulting firm Glass Lewis.
Utilities and fossil fuel companies – which face some of the greatest risks to their earnings as the world transitions to cleaner energy – are the most likely to incorporate ESG factors into compensation, followed by consumer-facing brands and financials. ‘
“Dominion CEO Robert Blue received nearly $7 million in compensation in 2021, including a $1.75 million bonus, in part due to meeting ESG goals.”
Last year, the Dominion stock price plummeted about 30 percent with a current share price of $51, down from 34 percent.
In September 2021, the Southern Environmental Law Center (SELC), an environmental watchdog, alleged to Virginia’s State Corporation Commission that Dominion had been overcharging customers $1.2 billion since 2015.
In a statement, the SELC said, “Because Dominion is a monopoly, there is no competition to lower prices.
“Virginian households have, on average, the sixth highest electricity bill in the country.”
In the past year, the share price of the energy company has plummeted by 34 percent
This aerial photo shows cooling ponds next to Dominion Energy’s North Anna Power Station along the shores of Lake Anna in Mineral, VA
Will Hild, executive director of Consumer’s Research, criticized Blue’s ESG bonuses as “blatant.”
He told Fox News digitalIt is outrageous that Dominion would award millions in ESG bonuses to CEO Robert Blue when an objective analysis of his performance shows that he consistently fails.
“But this is ESG in its purest form: Ignore customer failures and prioritize spotting the bright virtues that don’t do anything for them.”
A Dominion Energy spokesperson also said so Fox News digital: “At Dominion Energy, we pride ourselves on safely delivering reliable and affordable energy to 7 million customers in the states we serve.
“In those states, our rates are set by regulatory committees,” the spokesman said.
“At our annual shareholder meeting in May, 91% of our shareholders voting their proxies approved the remuneration of our nominated executive officers, including Mr. Blue.”