Utility locked in golden parachutes rejected by investors

August 02, 2018 - 8:39 am

COLUMBIA, S.C. (AP) — Investors in a South Carolina utility humbled by a multibillion-dollar nuclear construction debacle voted against golden parachutes for top executives if they lose their jobs as a result of the sale to Virginia-based Dominion Energy.

But SCANA Corp.'s board chairman says the premium severance packages are locked in, no matter what investors decided when they voted Tuesday to approve the sale.

The Post and Courier of Charleston reports board chairman Maybank Hagood told investors the payouts were "contractual." Those contracts entitle 11 current and former SCANA executives to payouts totaling nearly $38.5 million if they lose their jobs after the deal is approved.

SCANA and state-owned utility Santee Cooper sunk $9 billion into the failed nuclear project, obligating consumers to repay the debt in their power bills each month.

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