FOR IMMEDIATE RELEASE
May 2, 2011
Contact: Rita Weisshaar, 775-722-2788
***PRESS ADVISORY***
NEVADANS TO STAND WITH RETIREES IN PROTEST OF NV ENERGY AT SHAREHOLDER MEETING
Over 2,500 online signatures collected in support of two accountability shareholder proposals
LAS VEGAS, NV – NV Energy retirees, workers, community leaders and other supporters will rally to “pull the plug” on the utility’s greed by demanding more accountability at the company’s shareholder meeting taking place tomorrow in Las Vegas. Company retirees are standing up to NV Energy by proposing two shareholder resolutions – an accountability package that has garnered the support of over 2,500 online petition signatures through the 26,000 member-strong Shame on NV Energy Facebook page.
NV Energy made $227 million last year – a near 25% increase from the year before – while charging Nevadans the highest residential electricity rates of any Mountain State. And CEO Michael Yackira just got a raise, now making $5.3 million a year – a 42% increase from just three years ago.
NV Energy has eliminated electric line crews throughout Nevada and closed all but one customer service office in the state. These cuts earned NV Energy the worst customer service rating in the West according to J.D. Power and Associates.
Proposal 9, sponsored by an NV Energy retiree, urges the utility’s Board of Directors to amend company bylaws to allow holders of 15% of outstanding shares of common stock to call a special meeting of stockholders.
Proposal 10, also sponsored by an NV Energy retiree, urges the utility’s Compensation Committee of the Board of Directors to adopt a policy requiring that senior executives retain a significant percentage of shares acquired through equity compensation programs until two years following the termination of their employment – thus giving executives an incentive to focus on the company’s long-term well-being and long-term stock price performance.
What:
Rally to Pull the Plug on NV Energy Greed
Who:
NV Energy Retirees, Workers, Community Leaders and other Supporters
Where:
NV Energy Southern Operations Center
7155 Lindell Road
Las Vegas, NV
When:
Tuesday, May 3
7:30AM
For more information, contact NV Energy retiree Rita Weisshaar at rweisshaar@att.net or by calling 775-722-2788. You can also learn more about the petitions by visiting www.ShameOnNVEnergy.com.
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The International Brotherhood of Electrical Workers Local 1245 has represented workers at NV Energy since 1945. Overall, the union represents roughly 20,000 energy workers in Nevada and California.
