Friday, August 9, 2019

Cayce, South Carolina-Based Utility SCANA Corp's Top-Tier Executives Average Pay Raise Was 7.4% Per Year During the Most Recent Nine Years (2009-2017) of Company SEC Proxy Filings. The 7.4% Appears To Be Too High Given the Actual Performance of Top-Tier SCANA Executives, But the Even Bigger Issue Than the 7.4% is That It Doesn't Include Any Golden Parachutes Payable to Some SCANA High-Level Executives Due to SCANA Now Being Acquired By Dominion Energy. South Carolina Utility Customers Effectively Footing the Bill Cannot Be Happy With What Has Happened Here.

After the second Democratic 2020 Presidential candidate debate held in Detroit where Cory Booker was clearly the standout performer, where several other non-top-tier candidates performed exceptionally well especially Steve Bullock and where most of the top-tier candidates stumbled, I now will turn my attention to the early primary States and I finished both Iowa and New Hampshire Companies so now I have moved on to South Carolina.

The key issue to South Carolina citizens should be the huge and continuing Income Inequality Expansion which is at the core of many critical problems the US faces.

Thus I will be doing research and making posts on the average pay raise per year that the Top-Tier Executives of South Carolina Companies were rewarded with in the past ten years.

The first South Carolina Company I am addressing here is Utility Company SCANA Corp, which suffered substantial losses from the Abandonment of a very expensive Nuclear Plant Project.  And also SCANA was subsequently acquired on January 1, 2019 by Dominion Energy.

From annual compensation information contained in Company Proxy Statement filings with the SEC, the chart below shows SCANA Corp's Top-Tier Executives Annual Total Compensation for each of two consecutive full years of employment for the most recent nine years of Company proxy statement filings with the SEC. 

SCANA Corp's Top-Tier Executives Average Pay Raise was 7.4% per year for the nine years from 2009 to 2017, but there is a much bigger story here than that. 



FYE FYE FYE FYE FYE FYE FYE FYE FYE FYE
Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
SCANA Corp 2018 2017 2017 2016 2016 2015 2015 2014 2014 2013
Top-Tier Total Total Total Total Total Total Total Total Total Total
Executive Comp Comp Comp Comp Comp Comp Comp Comp Comp Comp
$ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s
Marsh CEO  N/A   N/A        5,235       6,109       6,109       5,733       5,733       5,710       5,710       5,234
Addison CFO  N/A   N/A        2,141       2,581       2,581       2,405       2,405       2,526       2,526       2,043
Byrne EVP  N/A   N/A        2,191       2,582       2,582       2,314       2,314       2,366       2,366       2,133
Kissam SVP  N/A   N/A        1,028       1,220       1,220       1,121       1,121       1,213       1,213          990
Archie SVP  N/A   N/A   N/A   N/A 
Lindsay General Counsel  N/A   N/A        1,219       1,507       1,507       1,488       1,488       1,508       1,508       1,381
Bullwinkle Former SVP  N/A   N/A        1,847       1,694
               
 Totals              -               -       11,814     13,999     13,999     13,061     13,061     13,323     15,170     13,475
Annual % Change vs Prior Year #DIV/0! -15.6% 7.2% -2.0% 12.6%
 4 Year Average Per Year % Change 0.5%
FYE FYE FYE FYE FYE FYE FYE FYE FYE FYE
Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
SCANA Corp 2013 2012 2012 2011 2011 2010 2010 2009 2009 2008
Top-Tier Total Total Total Total Total Total Total Total Total Total
Executive Comp Comp Comp Comp Comp Comp Comp Comp Comp Comp
$ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s $ 000s
Marsh CEO       5,234       4,970       4,970       2,613       2,613       1,988       1,988       2,108       2,108       2,069
Addison CFO       2,043       1,966       1,966       1,382       1,382       1,271       1,271       1,324       1,324       1,227
Byrne EVP       2,133       2,114       2,114       1,396       1,396       1,371       1,371       1,434       1,434       1,415
Kissam SVP  N/A   N/A 
Lindsay General Counsel       1,381       1,253       1,253          963          963          971          971          903  N/A   N/A 
Bullwinkle Former SVP       1,694       1,707       1,707       1,530       1,530       1,534       1,534       1,568       1,568       1,582
Timmerman Former CEO  N/A   N/A        4,997       5,033       5,033       5,255
 Totals      12,485     12,010     12,010       7,884       7,884       7,135     12,132     12,370     11,467     11,548
Annual % Change vs Prior Year 4.0% 52.3% 10.5% -1.9% -0.7%
5 Year Average Per Year % Change 12.8%
9 Year Average Per Year % Change 7.4%