Phil Angelides may not appear to be the kind of person who would seek a seat on the board of Pacific Gas & Electric.
Mr. Angelides is an influential public figure who was the Democratic nominee for governor of California in 2006 and later led a federal panel that investigated the financial crisis. PG&E is an unpopular utility whose safety record includes a big gas explosion in 2010 and deadly wildfires in recent years.
But on Friday Mr. Angelides, who runs an investment firm, became a candidate for PG&E’s board along with 12 other people. BlueMountain Capital, a New York hedge fund that has a roughly 2 percent stake in PG&E, proposed the slate of directors, which includes utility executives, lawyers, bankers and a hedge fund investor. Another notable candidate is Kenneth Feinberg, the lawyer who ran the compensation fund for the Sept. 11, 2001, attacks.
PG&E said in a statement on Friday that it had a constructive dialogue with its investors and said it expected to “continue discussions with shareholders, including BlueMountain, and other stakeholders regarding the appropriate composition of the board.” The company’s shareholders will vote on directors at its annual meeting on May 21.
PG&E filed for bankruptcy protection in January, saying it might face over billion in wildfire liabilities. Legal scholars say the bankruptcy is one of the most contentious and complicated they have ever seen. Money paid out to wildfire victims might leave less money in the pot for shareholders like BlueMountain. And as different parties compete in bankruptcy, PG&E’s board will have to ensure that the company is making its operations safer as climate change increases the risks of wildfires.
I spoke to Mr. Angelides about why he had agreed to seek a seat on PG&E’s board and his ideas for helping the company. The interview has been condensed and lightly edited.
What is your assessment of what went wrong at PG&E, and whom do you hold responsible?
Clearly, there’s been safety issues with the explosion at San Bruno, and the subsequent problems that emanated out of that. Clearly, the growing risk of wildfires in California has been a significant issue. And failures on the safety front have been an issue, so I think we’re at a point now where it’s important to have a board that has the skill set and the commitment to restore public trust in the company, and to be able to move it forward.
The reason I was willing to join this slate is it had people who had the requisite skills to resolve the company’s existing problems and to turn the corner, a board that could be truly committed to safety, a board that would be committed to being the state’s partner in achieving its clean energy goals.
What sort of things might the board do to improve safety at PG&E?
Job One is to restore the public trust in the company and, along with that, to move to expeditiously, fairly and prudently address the claims of wildfire victims. The company needs to forge a new compact with the state going forward, so it can provide good, reliable service to its customers, so that it has the capital and the commitment to make the required investments to mitigate wildfire risk.
But isn’t there a potential tension between paying out large settlements to wildfire victims and maximizing value for shareholders?
The board of directors has a duty of loyalty to the shareholders and the company. But I believe what we need to be looking at is long-term value. And the truth is, these claims are there, and they’ve got to be handled fairly and expeditiously. A long, expensive, contentious process is not one that’s going to serve anyone’s interest.
But how can you speed up the payment of wildfire claims? How much sway can the board have over the bankruptcy court?
This is one of the challenges. In some senses, I think this is why some of the people on this slate agreed to do it. It looks like a nearly intractable situation but one that needs to be resolved successfully. On this issue, I would certainly defer to someone like Ken Feinberg.
It sounds like you think California should change how victims of wildfires are compensated.
Clearly, as the governor himself said, a construct established decades ago, before the present danger of climate risk, is not one that serves us well today. So we’re going to have to chart a course going forward in which we can have viable utilities. Now, the utility’s obligation, though, is to do its job and maximize what it does on the safety front.
What about inverse condemnation, the part of California’s Constitution that holds utilities responsible for damage if their equipment was responsible even if they were not negligent? Does the state have to get rid of that provision for PG&E to get back on its feet?
What needs to happen is that we need to move quickly to resolve the existing liabilities, and then we need to work cooperatively with the state to come up with a reasonable, rational and fair construct going forward.B:
广东20选8开奖结果【沈】【遥】【知】【弯】【弯】【唇】：“【天】【涯】【海】【角】。” 【这】【就】【是】【不】【想】【让】【他】【知】【道】【的】【意】【思】，【也】【不】【想】【让】【他】【找】【的】【意】【思】。 【陆】【之】【黎】【又】【坐】【下】，【拇】【指】【食】【指】【一】【直】【来】【回】【摩】【擦】，【他】【不】【冷】【静】：“【还】【回】【来】【吗】？” 【沈】【遥】【知】【只】【摇】【头】，【并】【不】【言】【语】。 【陆】【之】【黎】【抿】【唇】：“【我】【等】【你】。” 【沈】【遥】【知】【还】【是】【摇】【头】。 【陆】【之】【黎】【仍】【坚】【持】【道】：“【我】【等】【你】。” 【沈】【遥】【知】【在】【心】【底】【叹】【了】【口】【气】
【遗】【迹】，【鸣】【人】【内】【心】【世】【界】， 【当】【查】【克】【拉】【被】【鸣】【人】【从】【身】【体】【内】【抽】【出】，【九】【尾】【瞬】【间】【暴】【走】， 【伴】【随】【可】【怕】【的】【力】【量】【直】【接】【拽】【住】【查】【克】【拉】，【鸣】【人】【的】【影】【分】【身】【们】【瞬】【间】【化】【作】【白】【雾】【四】【散】， 【被】【巨】【大】【的】【力】【量】【所】【击】【飞】，【鸣】【人】【整】【个】【人】【倒】【在】【水】【面】【中】【不】【断】【喘】【息】， 【刚】【刚】【的】【应】【对】【已】【经】【耗】【费】【他】【大】【多】【数】【精】【力】【了】，【没】【想】【到】【九】【尾】【居】【然】【还】【能】【将】【查】【克】【拉】【拔】【回】【来】， “【混】【蛋】，【鸣】【人】
“【不】【准】【备】【介】【绍】【一】【下】？”【叶】【小】【淘】【看】【着】【小】【狐】【狸】【旁】【边】【长】【相】【还】【算】【是】【清】【秀】【的】【林】【怡】。 “【这】【就】【是】【我】【同】【桌】【林】【怡】，【是】【班】【上】【的】【学】【习】【委】【员】【呐】。” “【幸】【会】【幸】【会】！”【叶】【小】【淘】【伸】【出】【手】。 【林】【怡】【也】【下】【意】【识】【的】【伸】【出】【手】【和】【叶】【小】【淘】【握】【手】。 【她】【心】【想】【这】【就】【是】【叶】【仙】【儿】【整】【天】【嘴】【里】【念】【叨】【的】【那】【个】【很】【厉】【害】【的】“【哥】【哥】”？ 【长】【得】【还】【挺】【好】【看】【的】。 “【你】【好】，【我】【可】【以】
【整】【齐】【的】【脚】【步】【声】【从】【门】【外】【传】【来】。 【奥】【摩】【休】【在】【床】【上】【弓】【起】【身】【体】，【紧】【紧】【地】【盯】【着】【病】【房】【的】【木】【门】。 “【别】【太】【紧】【张】，【不】【一】【定】【冲】【着】【你】【来】。”【坦】【顿】【纳】【同】【样】【注】【视】【着】【木】【门】，“【如】【果】【真】【的】【冲】【着】【你】【来】……”【坦】【顿】【纳】【没】【有】【说】【完】，【门】【外】【的】【脚】【步】【声】【停】【下】。 【木】【门】【被】【推】【开】，【四】【个】【黑】【铠】【黑】【盔】【的】【王】【室】【禁】【卫】【军】【鱼】【贯】【走】【进】【病】【房】，【最】【后】【走】【进】【两】【个】【手】【捧】【衣】【饰】【的】【侍】【女】。 【外】广东20选8开奖结果【接】【下】【来】【我】【会】【断】【更】。 【不】【是】【因】【为】【其】【他】【的】，【而】【是】【对】【这】【个】【番】【外】【故】【事】【写】【得】【很】【不】【满】【意】。 【所】【以】【我】【近】【一】【个】【月】【时】【间】【会】【将】【番】【外】【故】【事】【大】【改】【一】【遍】。 【然】【后】【便】【会】【直】【接】【大】【结】【局】，【选】【择】【完】【结】【整】【本】【书】。 【谢】【谢】【各】【位】【宝】【宝】【一】【直】【以】【来】【的】【支】【持】。 【下】【本】【书】【什】【么】【时】【候】【会】【来】，【我】【也】【不】【知】【道】，【但】【是】【这】【种】【大】【改】【的】【情】【况】【不】【会】【再】【出】【现】。
“【小】【老】【弟】，【等】【晚】【上】【寨】【长】【来】【了】，【他】【提】【什】【么】【要】【求】，【你】【最】【好】【先】【都】【应】【承】【下】【来】，【然】【后】【再】【从】【长】【计】【议】！” 【彦】【阳】【躺】【在】【草】【地】【上】，【回】【想】【着】【老】【八】【爷】【离】【开】【时】【的】【叮】【咛】，【心】【中】【矛】【盾】【重】【重】【又】【感】【到】【一】【阵】【温】【暖】。 【如】【果】【自】【己】【真】【如】【他】【所】【说】【的】【那】【样】【做】【了】，【就】【意】【味】【着】【自】【己】【对】【于】【山】【外】【的】【世】【界】【来】【说】，【会】【被】【宣】【布】【失】【踪】，【时】【间】【再】【长】【一】【点】，【在】【人】【们】【的】【心】【里】【就】【是】【变】【相】【的】【死】【亡】，
【大】【街】【制】，【自】【南】【以】【至】【于】【北】【谓】【之】【经】，【自】【东】【至】【西】【谓】【之】【纬】。【大】【街】【二】【十】【四】【步】【阔】，【三】【百】【八】【十】【四】【火】【巷】，【二】【十】【九】【街】【通】。 【京】【城】【四】【合】【院】【普】【遍】【不】【算】【太】【大】，【一】【个】【院】【子】【四】【面】【都】【建】【有】【房】【屋】，【四】【合】【房】【屋】，【中】【心】【为】【院】，【这】【就】【是】【四】【合】【院】。 【总】【体】【来】【说】【是】【一】【户】【一】【宅】，【一】【宅】【有】【几】【个】【院】，【不】【过】【此】【处】【毕】【竟】【是】【天】【子】【脚】【下】，【加】【上】【历】【史】【悠】【久】，【总】【能】【让】【人】【感】【受】【到】【一】【丝】【古】【韵】。