Loading ...Dear Mr. Chairman,
I am writing about the enclosed January 2018 letter from Linda Y.H. Cheng, Vice President, Corporate Governance and Corporate Secretary, Pacific Gas and Electric Corporation (NYSE: PCG). I am a PG&E stockholder.
I dispute the legality of PG&E penalizing me due to corporate mismanagement by CEO Geisha Williams and former CEO Anthony F. Earley, Jr., regarding the deadly 2010 San Bruno pipeline explosion, the 2013 sniper attack on PG&E’s Metcalf Transmission Substation near San Jose, recent Northern California wildfires and a host of other chronic management errors. As a minority stockholder, I should not be forced to pay for errors by failed CEOs, like Williams and Earley. PG&E stock price, at this writing less than $40 per share, has fallen nearly 50 percent in the past twelve months. Williams has ruined the value of PG&E stock, damaged the corporation’s image and should immediately resign. If she continues to rob investors, I urge you to remove her as CEO.
Further, Williams is donating thousands of corporation dollars, which could be used to pay stockholder dividends, to charities while she denies me a return on my investment. I trusted and invested in PG&E for growth and dividend income for retirement and I am being cheated out of dividends by Williams. It is a violation of my First Amendment rights for Williams to use my investment and dividend dollars to support questionable “charities” in my name without my consent. It is, further, a violation of my stockholder rights for Williams to deny me a return on my investment while she personally profits from donations to causes I do not support. Williams should donate her own money to charity, like I do, and pay me a return on my stock purchases.
My longtime partner, former wife and corporate governance activist, Evelyn Y. “Queen of the Corporate Jungle” Davis, fought corporate political donations disguised as charitable donations and other illegal corporate non-compliance with S.E.C. regulations for decades. PG&E’s illegal practices ruin stock value, and harm stockholders, who could have profitably invested in trustworthy corporations rather than corporate cheats like Williams.
