PG&E shareholder Blue Mountain to nominate full slate of new Board directors
PG&E shareholder BlueMountain Capital Management, a private diversified alternative asset management firm, provided an update on its progress to nominate a full slate of new directors to replace the current Board of Directors of PG&Ein its entirety at PG&E's Annual Shareholder Meeting scheduled to be held on May 21. Nomination agreements have been executed by 13 candidates. BlueMountain has "focused on selecting nominees with specific and relevant expertise in utility operations, safety, finance and corporate turnarounds, renewables, gas and corporate governance, as well as experience in California business and politics". BlueMountain will publicly announce its slate of nominees no later than February 21. BlueMountain questions "why PG&E would deem it appropriate that as many as five incumbent directors remain on the Board, or why incumbent directors, given PG&E's track record during their tenure, should have a role in selecting new independent directors. BlueMountain believes that, under the current leadership, PG&E has demonstrated a clear lack of transparency with its stakeholders. BlueMountain also believes that the Company cannot rebuild public confidence or emerge swiftly from bankruptcy while any director nominated by the current leadership of PG&E remains at the helm".