RALEIGH: NC treasurer voting Duke shares against director - Local news, weather, sports Savannah | WSAV On Your Side

NC treasurer voting Duke shares against director

Posted: Updated:
  • Coal Ash SpillMore>>

  • Gov. McCrory raises concerns over Coal Ash Commission

    Gov. McCrory raises concerns over Coal Ash Commission

    Tuesday, August 26 2014 8:58 PM EDT2014-08-27 00:58:01 GMT
    Gov. Pat McCrory says he'll sign a "coal ash cleanup" bill in response to this year's massive spill, but he says he has strong issues with the legislation.
    Gov. Pat McCrory says he'll sign a "coal ash cleanup" bill in response to this year's massive spill, but he says he has strong issues with the legislation.
  • NC moves to fine Duke over coal ash pollution

    NC moves to fine Duke over coal ash pollution

    Tuesday, August 26 2014 5:37 PM EDT2014-08-26 21:37:51 GMT
    Duke Energy's Sutton PlantDuke Energy's Sutton Plant
    DENR moved Tuesday to fine Duke Energy over pollution that has been seeping into the groundwater for years from a pair of coal ash dumps at a retired power plant outside Wilmington.
    DENR moved Tuesday to fine Duke Energy over pollution that has been seeping into the groundwater for years from a pair of coal ash dumps at a retired power plant outside Wilmington.
  • DENR warns Duke Energy about coal ash at Sutton plant

    DENR warns Duke Energy about coal ash at Sutton plant

    Tuesday, August 26 2014 1:57 PM EDT2014-08-26 17:57:05 GMT
    Sutton plantSutton plant
    The N.C. Department of Environment and Natural Resources ahas sent Duke Energy Progress a notice of violation for the Sutton Electric Plant in New Hanover County.
    The N.C. Department of Environment and Natural Resources ahas sent Duke Energy Progress a notice of violation for the Sutton Electric Plant in New Hanover County.
RALEIGH, N.C. -

North Carolina's public pension funds, which own a piece of Duke Energy, will use their influence to try to force Duke's board of directors to bring in new blood and improve oversight of the cleanup of a massive coal ash spill that coated 70 miles of a river with toxic sludge, state Treasurer Janet Cowell said Wednesday.

Cowell will vote shares held by state pension funds against Duke Energy director Carlos Saladrigas' re-election on Thursday to force change on the board coping with the spill's aftermath, she said in a letter to the company.

The retirement of two directors after Thursday's company shareholder meeting and Saladrigas' failed re-election would create three vacancies on the board of directors' committee overseeing company operations, Cowell said. Saladrigas is the only member of the committee up for re-election and who had served on it for more than a few weeks before the coal ash spill, Cowell wrote.

"The coal ash spill reflects not only on the performance of the company's management, but also its board," Cowell said. "We urge that Duke Energy appoint a replacement board member who has specific experience with environmental cleanup management."

North Carolina's pension funds own 468,000 shares of common stock, less than one-tenth of 1 percent of outstanding shares in the country's largest electric company, Cowell spokesman Schorr Johnson said.

California and New York City pension funds managers are among the disgruntled institutional investors who have urged shareholders to reject four board members.

Duke Energy has pushed back, saying the February spill on the Dan River has the full attention of all directors and that managing coal ash has been a priority for the board and its operations committee for some time.

Cowell also asked that Duke's directors launch an independent investigation into the coal ash spill, adding her support to a cause raised in March by a coalition more than 20 large investors including state treasurers in Connecticut, Oregon and Pennsylvania, the Illinois State Board of Investment and California State Teachers' Retirement System. The group has characterized the company's response to the environmental disaster as inadequate.

RELATED STORIES
Copyright 2014 The Associated Press. All rights reserved.

  • Most Popular StoriesMost Popular StoriesMore>>

  • 'Magic Mike,' Sequel to be Filmed in Savannah

    'Magic Mike,' Sequel to be Filmed in Savannah

    Wednesday, August 27 2014 12:52 PM EDT2014-08-27 16:52:15 GMT
    The Savannah Film Office says the sequel to the movie Magic Mike is scheduled to be filmed in the Savannah area beginning in September.
    The Savannah Film Office says the sequel to the movie Magic Mike is scheduled to be filmed in the Savannah area beginning in September.
  • Effingham County Siblings Arrested, Charged with Incest

    Effingham County Siblings Arrested, Charged with Incest

    The sheriff's office says they two were caught in semi-truck in a parking lot across for Effingham High School on Tuesday. 
    The sheriff's office says they two were caught in semi-truck in a parking lot across for Effingham High School on Tuesday. 
  • UPDATE: NC adult party 'mansion' owner convicted in tax fraud scheme

    UPDATE: NC adult party 'mansion' owner convicted in tax fraud scheme

    Wednesday, June 19 2013 7:29 PM EDT2013-06-19 23:29:02 GMT
    Residents of a North Raleigh neighborhood say they fear leaving their homes because a neighbor uses her "Mansion" as an "adult, for-profit club." A Wake County Superior Court judge issued a restraining
    Residents of a North Raleigh neighborhood say they fear leaving their homes because a neighbor uses her "Mansion" as an "adult, for-profit club." A Wake County Superior Court judge issued a restraining
Powered by WorldNow

1430 East Victory Drive
Savannah, GA 31404

Telephone: 912.651.0300
Fax: 912.651.0320
Email: newsemailalert@wsav.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.