|
Corporate Social Responsibility
News
5.17.2004 ET
|
CSR News from:
|
|
|
News Category:
|
|
Green Mountain Power Announces Improved Corporate Governance Initiatives
(CSRwire) COLCHESTER, Vt.--Green Mountain Power Corporation
(NYSE: GMP) today announced that it has achieved the highest Corporate
Governance Quotient rating from Institutional Shareholder Services (ISS),
the leading national provider of proxy voting and corporate governance
services.
"ISS has awarded Green Mountain Power a Corporate Governance Quotient
index of 99.7 and an industry rating of 100, which means that Green
Mountain Power outperformed 99.7% of companies in the S&P 600 and 100% of
companies in the ISS utility group," said Christopher L. Dutton, President
and Chief Executive Officer. "We are very proud of our efforts to implement
the highest standards of corporate governance, reflecting our continuing
commitment to deliver value to our shareholders."
Green Mountain Power also announced that, as part of its continuing
efforts to improve corporate governance, management will recommend to the
Board of Directors the adoption of the following additional initiatives at
the May 20, 2004 meeting of the Board of Directors:
- That the Board of Directors amend the Company's 2004 Stock
Incentive Plan to reduce the number of authorized common shares available
for issuance thereunder from 350,000 to 225,000 shares.
- That the Board of Directors confirm that (i) the issuance of any
preferred shares under the Board of Directors' authority to issue such
shares without prior approval of shareholders will not be used for any
anti-takeover purpose, including, but not limited to, any existing or
future shareholder rights plans, (ii) any preferred shares issued without
prior shareholder approval, if convertible to common shares, would convert
into common shares at not less than 100% of the market price of the
Company's common shares on the conversion date, and (iii) any issuance of
preferred shares with voting rights without prior shareholder approval
will provide that voting shall be on an "as-converted" basis only.
- That the Board of Directors approve, and submit to shareholders for
approval at the 2005 annual meeting of shareholders, and submit to the
Vermont Public Service Board for its approval, an amendment to the
Company's Amended and Restated Articles of Incorporation providing that
the Company directors may be removed with or without cause.
"These new
commitments represent additional ways that we can improve our corporate
governance," said Mr. Dutton. "We will continue to deliver on our
commitments to provide superior value to our customers and our
shareholders. We look forward to continued excellence in both arenas."
There are statements in this information release that contain projections
or estimates and that are considered to be "forward-looking" as defined by
the Securities and Exchange Commission (the "SEC"). In these statements,
you may find words such as believes, expects, plans, or similar words.
These statements are not guarantees of our future performance. There are
risks, uncertainties and other factors that could cause actual results to
be different from those projected.
For further information, please contact Robert Griffin, Chief Financial
Officer of Green Mountain Power, (802) 655-8452 or Dorothy Schnure,
Manager of Corporate Communications, at 802-655-8418.
|
|
