The 2019 long-term cash performance grants will be based on the three-year period through 2021, with a potential payout ranging from zero to 200% for each NEO on a denominated target dollar value.
Restricted stock awards made in 2019 will vest in 2022, with NEOs also receiving dividends during that period. Long-term incentives were based on similar factors to those underpinning base salary, with the largest increases for NEOs who had been promoted. Lastly, Dominion’s long-term incentive program in 2019 consisted of 50% restricted stock with time-based vesting, and 50% performance-based cash awards. Effective October 1, 2020, she will become sole Chief Operating Officer, when Blue succeeds Farrell as CEO.) Dominion considered all NEOs to have met their company-wide safety, diversity and inclusion, and environmental goals, though it did not describe these in greater detail. (Leopold served as Executive Vice President and President and CEO of the Gas Infrastructure Group until December 2, 2019. Despite her oversight for most of 2019 of Dominion’s Gas Infrastructure Group, which missed a business segment financial goal, the Committee only reduced Leopold’s payout score to 99.1%. All NEOs except Executive Vice President and co-Chief Operating Officer Diane Leopold were assigned a 100% payout score by the CGN Committee. The payout goal score component of the AIP was based on NEOs’ business segment financial performance, and progress toward operating and stewardship goals. Dominion’s consolidated operating earnings for 2019 amounted to $4.24 per share, in excess of the target, for which all NEOs were awarded 110% AIP funding, at the discretion of the company’s Compensation, Governance, and Nominating (CGN) Committee. Executives could earn a 50% funding level for the AIP at operating earnings of $3.80, and up to a maximum funding level of 200% for exceeding their target. Funding level was determined by executives’ achievement of consolidated operating earnings per share (EPS) goals in 2019, with a target of $4.05 per share. Blue, Executive Vice President and and co-Chief Operating Officer, will succeed him as CEO.) For all other NEOs, 76% of target direct compensation was performance- and/or stock-based, including 22% from short-term incentives and 54% from long-term incentives, with 24% of direct compensation comprised of base salary.īase salaries were benchmarked to the median pay for executives at the 17 energy companies comprising Dominion’s Compensation Peer Group, and subject to additional factors like job performance and scope, background and tenure, retention and “market competitive concerns”, and the executive’s role in succession planning, according to the utility’s 2020 proxy filing.ĭominion’s 2019 annual incentive plan (AIP) was based on a formula factoring in executives’ base salaries, target award percentage (150% for CEO Farrell and 90% for all other NEOs), funding level, and payout goal score. Effective October 1, 2020, Farrell will become Executive Chair, and Robert M.
(On July 31, 2020, Dominion announced changes to its leadership team. Farrell, II’s target direct compensation was performance- and/or stock-based in 2019, including 15% from short-term incentives and 75% from long-term incentives, with 10% of direct compensation comprised of base salary.
Rocky mountain power incentives plus#
Dominion provides its named executive officers (NEOs) with compensation consisting of a base salary, annual incentive, and long-term incentive, plus additional perquisites and benefits.Īpproximately 90% of CEO Thomas F.
Dominion Energy is a utility company that provides electric and gas service in primarily the eastern and Rocky Mountain regions, including Virginia, North Carolina, and South Carolina.