The buck didn't stop here. This CEO got a big increase in compensation after her company created a months-long hellish nightmare for an entire community. Big Energy sure does pay well.
<<<<Despite a massive environmental catastrophe in California, the CEO of an energy company does not appear to be personally facing any imminent financial hit.
In the wake of the enormous gas leak at Southern California Gas Company’s Aliso Canyon facility, located near the upscale Los Angeles neighborhood of Porter Ranch, the head of parent company Sempra is still receiving a massive bonus and only a minimal pay cut.
As reported by Los Angeles Times columnist Michael Hiltzik, Sempra’s board cut CEO Debra Reed’s pay by $130,000 — while awarding her a bonus of $3.17 million: “It brings her total compensation for 2015 to $16.1 million, meaning that her executive penalty for presiding over an elemental corporate fiasco comes to about eight tenths of 1% of her pay.>>>>
******
“The position of the Sempra board of directors, on the other hand, is that the Porter Ranch disaster is a ‘safety [and] customer satisfaction’ issue warranting minimal penalties for the executives who presided over it. The board’s discussion of its compensation policies is a pure distillation of the reality that corporate executives can collect huge raises despite underperformance in key areas.”