DTE Energy Co. Files Definitive Proxy Statement (DEF 14A)

Ticker: DTB · Form: DEF 14A · Filed: Mar 7, 2024 · CIK: 936340

Dte Energy Co DEF 14A Filing Summary
FieldDetail
CompanyDte Energy Co (DTB)
Form TypeDEF 14A
Filed DateMar 7, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$1 billion, $17.2 million, $3 million, $160 million, $418 million
Sentimentneutral

Sentiment: neutral

Topics: DTE Energy, DEF 14A, Proxy Statement, Corporate Governance, Executive Compensation

TL;DR

<b>DTE Energy Co. has filed its Definitive Proxy Statement (DEF 14A) for the fiscal year ending December 31, 2023.</b>

AI Summary

DTE ENERGY CO (DTB) filed a Proxy Statement (DEF 14A) with the SEC on March 7, 2024. DTE Energy Co. filed a Definitive Proxy Statement (DEF 14A) on March 7, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at One Energy Plaza, Detroit, MI 48226. DTE Energy Co. was formerly known as DTE Holdings Inc. until a name change on January 27, 1995. The filing includes detailed information regarding executive compensation and shareholder matters.

Why It Matters

For investors and stakeholders tracking DTE ENERGY CO, this filing contains several important signals. This filing provides shareholders with crucial information regarding executive compensation, director nominations, and other corporate governance matters, enabling informed voting decisions. As a DEF 14A filing, it signals that the company is moving forward with its annual meeting of shareholders and related proposals, impacting the company's strategic direction and shareholder relations.

Risk Assessment

Risk Level: low — DTE ENERGY CO shows low risk based on this filing. The filing is a routine DEF 14A, indicating standard corporate governance procedures rather than significant new risks or opportunities.

Analyst Insight

Review the executive compensation details and any proposed shareholder resolutions to understand potential impacts on corporate strategy and governance.

Key Numbers

  • 2024-03-07 — Filing Date (DEF 14A filing date)
  • 2023-12-31 — Fiscal Year End (Period of report)
  • 1995-01-27 — Date of Name Change (From DTE Holdings Inc. to DTE Energy Co.)

Key Players & Entities

  • DTE ENERGY CO (company) — Filer
  • DTE HOLDINGS INC (company) — Former company name
  • ONE ENERGY PLAZA (location) — Business and mailing address
  • DETROIT (location) — City for business and mailing address
  • MI (location) — State for business and mailing address

FAQ

When did DTE ENERGY CO file this DEF 14A?

DTE ENERGY CO filed this Proxy Statement (DEF 14A) with the SEC on March 7, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by DTE ENERGY CO (DTB).

Where can I read the original DEF 14A filing from DTE ENERGY CO?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by DTE ENERGY CO.

What are the key takeaways from DTE ENERGY CO's DEF 14A?

DTE ENERGY CO filed this DEF 14A on March 7, 2024. Key takeaways: DTE Energy Co. filed a Definitive Proxy Statement (DEF 14A) on March 7, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal executive offices are located at One Energy Plaza, Detroit, MI 48226..

Is DTE ENERGY CO a risky investment based on this filing?

Based on this DEF 14A, DTE ENERGY CO presents a relatively low-risk profile. The filing is a routine DEF 14A, indicating standard corporate governance procedures rather than significant new risks or opportunities.

What should investors do after reading DTE ENERGY CO's DEF 14A?

Review the executive compensation details and any proposed shareholder resolutions to understand potential impacts on corporate strategy and governance. The overall sentiment from this filing is neutral.

How does DTE ENERGY CO compare to its industry peers?

DTE Energy Co. operates in the electric services industry, providing electricity and natural gas services.

Are there regulatory concerns for DTE ENERGY CO?

The filing is a standard DEF 14A, subject to SEC regulations for public companies regarding disclosure of corporate governance and executive compensation.

Industry Context

DTE Energy Co. operates in the electric services industry, providing electricity and natural gas services.

Regulatory Implications

The filing is a standard DEF 14A, subject to SEC regulations for public companies regarding disclosure of corporate governance and executive compensation.

What Investors Should Do

  1. Analyze executive compensation packages and any proposed changes.
  2. Review director nominations and qualifications.
  3. Examine any shareholder proposals and the company's recommendations.

Key Dates

  • 2024-03-07: Filing of DEF 14A — Indicates the company is proceeding with shareholder meeting and related proposals.
  • 1995-01-27: Name Change — Date DTE Holdings Inc. became DTE Energy Co.

Year-Over-Year Comparison

This is the initial filing of the DEF 14A for the 2023 fiscal year, following the standard reporting cycle.

Filing Stats: 4,514 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-03-07 14:14:54

Key Financial Figures

  • $1 billion — s and the public. We invested a record $1 billion to modernize our electric infrastructur
  • $17.2 million — ndation: The DTE Foundation contributed $17.2 million in 2023 to support local organizations
  • $3 million — n needs. o Supported United Way with a $3 million grant: As food insecurity continues to
  • $160 million — d customers in need: DTE secured nearly $160 million in energy assistance for our most vulne
  • $418 million — -Efficient Economy. DTE customers saved $418 million on energy bills by participating in DTE
  • $300 million — in 2022. o Reduced customers' bills by $300 million in fuel and transportation cost savings
  • $5 — average electric bill by approximately $5 per month starting in December 2023. R
  • $988 million — ply chain: In 2023, DTE spent more than $988 million with certified diverse suppliers and ea
  • $3.22 billion — 0%). Delivered cash from operations of $3.22 billion in 2023. Delivered 2023 operating earn
  • $5.73 — ed 2023 operating earnings per share of $5.73 (see discussion below). DTE Energy man

Filing Documents

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 33 PROPOSAL NO. 1 — ELECTION OF DIRECTORS 8 Compensation Discussion and Analysis 33 Nominees for Election at this Meeting 10 Report of the Organization and Compensation Committee 45 CORPORATE GOVERNANCE 16 Summary Compensation Table 46 COMMITTEES OF THE BOARD OF DIRECTORS 20 Grants of Plan-Based Awards 48 BOARD OF DIRECTORS RISK OVERSIGHT FUNCTIONS 22 Outstanding Equity Awards at Fiscal Year-End 49 BOARD OF DIRECTORS COMPENSATION 23 Option Exercises and Stock Vested in 202 3 49 202 3 DIRECTOR COMPENSATION TABLE 25 Pension Benefits 49 INFORMATION ON COMPANY EXECUTIVE OFFICERS 26 Deferred Compensation 51 COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION 26 POTENTIAL PAYMENTS UPON TERMINATION OF EMPLOYMENT 53 INDEMNIFICATION AND LIABILITY 27 CEO PAY RATIO 56

SECURITY OWNERSHIP OF DIRECTORS AND OFFICERS

SECURITY OWNERSHIP OF DIRECTORS AND OFFICERS 27 PAY VERSUS PERFORMANCE 57 PROHIBITION ON PLEDGING AND HEDGING COMPANY SECURITIES 28 PROPOSAL NO. 4 — SHAREHOLDER PROPOSAL — CLIMATE TRANSITION PLAN 61

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS 28 CONSIDERATION OF OTHER BUSINESS 62 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS 28 INFORMATION CONCERNING VOTING AND PROXY SOLICITATION 63 PROPOSAL NO. 2 — RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 30 QUESTIONS AND ANSWERS 63 Fees to the Independent Registered Public Accounting Firm 30 2025 ANNUAL MEETING OF SHAREHOLDERS 68 Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Registered Public Accounting Firm 30 S hareholder Proposals and Nominations of Director s 68 SOLICITATION OF PROXIES 6 9 Report of the Audit Committee 31 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS PROPOSAL NO. 3 — ADVISORY PROPOSAL — NONBINDING VOTE TO APPROVE EXECUTIVE COMPENSATION 32 6 9 Frequently Searched Information PROPOSAL NO. 1 — ELECTION OF DIRECTORS 8 BOARD OF DIRECTORS COMPENSATION 23 Nominees for Election at this Meeting 10 2023 DIRECTOR COMPENSATION TABLE 25 CORPORATE GOVERNANCE 16 2025 ANNUAL MEETING OF SHAREHOLDERS 68 COMMITTEES OF THE BOARD OF DIRECTORS 20 Shareholder Proposals and Nominations of Directors 68 Photo of DTE Natural Gas Renewal Program on cover is courtesy of Burns & McDonnell [This page intentionally left blank] PROXY STATEMENT SUMMARY Our Operating Model Becoming best in the world and best for the world includes having great corporate governance, competitive compensation and excellent shareholder relations. To achieve this, we've developed an operating model that is memorable, sustainable, and actionable by all employees to ensure it drives the behaviors that help us reach our aspiration. Our Aspiration Best in the world and best for the world At DTE ("DTE Energy," the "Company," "we," "us" or "our"), we aspire to be best in the world and best for the world. This aspiration drives everything we do, including our priorities for serving each of our stakehold

Executive Compensation Highlights

Executive Compensation Highlights Our executive compensation programs are designed to be competitive with our peers, have a meaningful performance component linked to the achievement of short-term and long-term goals that align with our shareholders' long-term interests and encourage executives to have an ownership interest in the Company. Our executives' total compensation shows strong pay-for-performance alignment with growth in long-term shareholder value creation. See "Pay vs. Performance" tables and graphs beginning on page 57. The Company's compensation programs are also designed to clearly align performance objectives for our Named Executive Officers with the interests of shareholders and with our system of priorities. Our performance measures are designed to help move our Company toward achieving these priorities. For more details, see our priorities alignment chart in the Compensation Discussion and Analysis Summary on page 34. Other highlights from our compensation program include: Our CEO received 74% of his 2023 total compensation in variable, at-risk incentives. For our other Named Executive Officers, the average percentage of variable, at-risk compensation was 59%. No at-risk compensation for our CEO or Named Executive Officers is reflected in customer rates. See more details on page 35. Our short-term and long-term performance metrics all tie directly to our stakeholder aspirations (see above). These are the same metrics that management uses to assess the Company's progress toward our aspiration to be best in the world and best for the world. Our long-term plan awards include a mix of restricted stock and performance shares designed in part to encourage executive stock ownership. The Board's Organization and Compensation Committee has not issued stock options since 2010. Our equity compensation plan forbids buyouts of "underwater" stock options. The Company has never bought or repriced "underwater" stock options. Our equity compensation plan r

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