Portland General Electric Co. Files Definitive Proxy Statement

Ticker: POR · Form: DEF 14A · Filed: Mar 6, 2024 · CIK: 784977

Portland General Electric Co /Or/ DEF 14A Filing Summary
FieldDetail
CompanyPortland General Electric Co /Or/ (POR)
Form TypeDEF 14A
Filed DateMar 6, 2024
Risk Levellow
Pages14
Reading Time17 min
Key Dollar Amounts$314 million, $300 million, $500 million, $250 million, $1,462 m
Sentimentneutral

Sentiment: neutral

Topics: Proxy Statement, DEF 14A, Portland General Electric, Shareholder Meeting, Corporate Governance

TL;DR

<b>Portland General Electric Co. has filed its definitive proxy statement for the fiscal year ending December 31, 2023.</b>

AI Summary

PORTLAND GENERAL ELECTRIC CO /OR/ (POR) filed a Proxy Statement (DEF 14A) with the SEC on March 6, 2024. Portland General Electric Co. filed a Definitive Proxy Statement (DEF 14A) on March 6, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 121 SW Salmon St, Portland, OR 97204. The filing is made pursuant to Section 14(a) of the Securities Exchange Act of 1934. No filing fee was required for this filing.

Why It Matters

For investors and stakeholders tracking PORTLAND GENERAL ELECTRIC CO /OR/, this filing contains several important signals. This filing is a standard requirement for publicly traded companies to provide shareholders with information regarding annual meetings, director elections, and executive compensation. Shareholders will use this document to make informed decisions about voting on company matters and electing board members.

Risk Assessment

Risk Level: low — PORTLAND GENERAL ELECTRIC CO /OR/ shows low risk based on this filing. The filing is a routine DEF 14A, indicating standard corporate governance procedures rather than any immediate financial or operational distress.

Analyst Insight

Review the proxy statement for details on executive compensation, board nominations, and any shareholder proposals to understand management's strategy and governance practices.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed Period of Report)
  • 2024-03-06 — Filing Date (Filed as of Date)
  • 0000784977 — Central Index Key (Filer's Central Index Key)
  • 4911 — SIC Code (Standard Industrial Classification)

Key Players & Entities

  • PORTLAND GENERAL ELECTRIC CO /OR/ (company) — Filer name
  • 0000784977 (company) — Central Index Key
  • 121 SW SALMON ST (company) — Business Address
  • 97204 (company) — Business Address ZIP
  • 2024-03-06 (date) — Filing Date
  • 2023-12-31 (date) — Fiscal Year End

FAQ

When did PORTLAND GENERAL ELECTRIC CO /OR/ file this DEF 14A?

PORTLAND GENERAL ELECTRIC CO /OR/ filed this Proxy Statement (DEF 14A) with the SEC on March 6, 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 PORTLAND GENERAL ELECTRIC CO /OR/ (POR).

Where can I read the original DEF 14A filing from PORTLAND GENERAL ELECTRIC CO /OR/?

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 PORTLAND GENERAL ELECTRIC CO /OR/.

What are the key takeaways from PORTLAND GENERAL ELECTRIC CO /OR/'s DEF 14A?

PORTLAND GENERAL ELECTRIC CO /OR/ filed this DEF 14A on March 6, 2024. Key takeaways: Portland General Electric Co. filed a Definitive Proxy Statement (DEF 14A) on March 6, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal executive offices are located at 121 SW Salmon St, Portland, OR 97204..

Is PORTLAND GENERAL ELECTRIC CO /OR/ a risky investment based on this filing?

Based on this DEF 14A, PORTLAND GENERAL ELECTRIC CO /OR/ presents a relatively low-risk profile. The filing is a routine DEF 14A, indicating standard corporate governance procedures rather than any immediate financial or operational distress.

What should investors do after reading PORTLAND GENERAL ELECTRIC CO /OR/'s DEF 14A?

Review the proxy statement for details on executive compensation, board nominations, and any shareholder proposals to understand management's strategy and governance practices. The overall sentiment from this filing is neutral.

How does PORTLAND GENERAL ELECTRIC CO /OR/ compare to its industry peers?

Portland General Electric Co. operates as an electric utility company, providing electricity generation, transmission, and distribution services.

Are there regulatory concerns for PORTLAND GENERAL ELECTRIC CO /OR/?

The filing is made under the Securities Exchange Act of 1934, specifically Section 14(a), which governs the solicitation of proxies.

Industry Context

Portland General Electric Co. operates as an electric utility company, providing electricity generation, transmission, and distribution services.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Section 14(a), which governs the solicitation of proxies.

What Investors Should Do

  1. Analyze executive compensation details and any proposed changes to equity awards.
  2. Review director nominations and qualifications presented in the filing.
  3. Examine any shareholder proposals and the company's recommendation on how to vote.

Year-Over-Year Comparison

This is the initial filing of the definitive proxy statement for the 2023 fiscal year.

Filing Stats: 4,341 words · 17 min read · ~14 pages · Grade level 18.2 · Accepted 2024-03-06 16:06:58

Key Financial Figures

  • $314 million — e awarded eight federal grants totaling $314 million. PGE also successfully advanced innova
  • $300 million — business growth. The registration of a $300 million at-the-market program and the establish
  • $500 million — dit sale program built on our late-2022 $500 million equity issuance. Maria Pope Presiden
  • $250 million — nd accessible to all We were awarded a $250 million grant in partnership with the Confedera
  • $1,462 m — pgrades We made capital investments of $1,462 million, prioritizing system hardening an
  • $1.4 billion — et the stage for 2024. We invested over $1.4 billion in capital assets, executed $500 millio
  • $1.50 — tock dividend, which has increased from $1.50 to $1.86 per common share from 2019 to
  • $1.86 — dend, which has increased from $1.50 to $1.86 per common share from 2019 to 2023, a c
  • $4.6M — and Sustainability Table of Contents $4.6M contributed to non-profits by the PGE

Filing Documents

: Election of Directors

Item 1: Election of Directors 14 Our Board of Directors 15 Role of Board of Directors 2 1 Governance Structure and Processes 22 Board Committees 27 Risk Management 31 Director Compensation 35

: Advisory Vote on Executive Compensation

Item 2: Advisory Vote on Executive Compensation 37 Compensation , Culture and Talent Committee Report 38 Compensation Discussion and Analysis 42 Setting Executive Compensation 43 2023 Executive Compensation 46 Other Compensation Policies and Practices 62

Executive Compensation Tables

Executive Compensation Tables 66 Summary Compensation Table 66 Grants of Plan-Based Awards 68 Outstanding Equity Awards at Year-End 70 Stock Units Vested 71 Pension Benefits 72 Non-Qualified Deferred Compensation 73 Potential Payments and Rights on Termination and Change in Control Benefits 74 Pay Ratio Disclosure 80 Pay Versus Performance Disclosure s 81

Security Ownership of Certain Beneficial Owners, Directors and Executive Officers

Security Ownership of Certain Beneficial Owners, Directors and Executive Officers 84

: Ratification of the Appointment of Deloitte & Touche LLP

Item 3: Ratification of the Appointment of Deloitte & Touche LLP 86 Audit and Risk Committee Report 87 Principal Accountant Fees and Services 88 Pre-approval Policy for Independent Auditor Services 89

: Approval of PGE's amended and re stated Employee Stock Purchase Plan

Item 4: Approval of PGE's amended and re stated Employee Stock Purchase Plan 90 Appendix A: Employee Stock Purchase Plan 94 Additional Information 100 Defined Terms and Acronyms 100 Find Information Online 101 Questions and Answers 101 2025 Annual Meeting of Shareholders 106 Table of Contents Proxy Statement Summary This summary highlights selected information to assist you in your review of this Proxy Statement. It does not contain all of the information you should consider, and you should read the entire Proxy Statement carefully before voting. Information regarding our performance is available in our 2023 Annual Report, which accompanies this Proxy Statement and is available on our website at https://investors.portlandgeneral.com/financial-information/annual-reports. For additional information about the Annual Meeting and voting, please see the Questions and Answers section. This Proxy Statement and the accompanying form of proxy card or voting instruction form are first being made available to shareholders on or about March 6, 2024. All website references in our proxy materials are inactive textual references, and the information on, or that can be accessed through, such websites does not constitute a part of these materials. SHAREHOLDER VOTING MATTERS Item One Board Recommendation For More Information Election to our Board of Directors of the 9 Nominees named in the Proxy Statement FOR Each Director Page 1 4 The Board, acting upon the recommendation of the Nominating, Governance and Sustainability Committee, has nominated each of the 9 directors for election to our Board. James Torgerson Kathryn Jackson, PhD John O'Leary Dawn Farrell Michael Lewis Patricia Salas Pineda Marie Oh Huber Michael Millegan Maria Pope The Board believes its members encompass a range of talents, skills, expertise and qualifications to sufficiently provide sound and prudent oversight of PGE's business and oversee its operations, risks and long-term stra

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