8-KOther Events

CONSOLIDATED EDISON INC 8-K Report (May 14, 2002)

Filed May 14, 2002For Securities:ED

Summary

This 8-K filing from Consolidated Edison, Inc. (Con Edison) reports on a change in the composition of its Board of Directors and its subsidiary's Board of Trustees. The primary event is the passing of Dr. George Sarney on April 30, 2002, who was a director for both Con Edison, Inc. and Consolidated Edison Company of New York, Inc. This vacancy, combined with a prior decision to reduce the board size due to another director's retirement, has led to a further reduction in the total number of directors.

Key Highlights

  • 1Dr. George Sarney, a member of Con Edison's Board of Directors and its subsidiary's Board of Trustees, passed away on April 30, 2002.
  • 2Dr. Sarney was a nominee for Con Edison's Board of Directors in the 2002 Proxy Statement.
  • 3Con Edison's Board of Directors reduced its size from thirteen to eleven members, effective May 20, 2002.
  • 4This reduction supersedes a prior resolution to reduce the board from thirteen to twelve members, due to the retirement of Mr. E Virgil Conway.
  • 5The Board of Trustees of Consolidated Edison Company of New York, Inc. also amended its by-laws to reduce its size from eleven to nine members, effective May 20, 2002.
  • 6The company is addressing the vacancy created by Dr. Sarney's death through this board size reduction.

Frequently Asked Questions

The main purpose of this 8-K filing is to report the death of a board member, Dr. George Sarney, and the subsequent actions taken by Consolidated Edison, Inc. and its subsidiary to adjust the size of their respective Boards of Directors and Trustees.

Dr. Sarney's death created a vacancy. Coupled with a prior decision to reduce the board size due to another director's retirement, Con Edison's Board of Directors has now resolved to reduce its total number of members from thirteen to eleven, effective May 20, 2002.

This filing primarily concerns corporate governance and board composition. There are no immediate financial implications directly stated in this report for investors. The reduction in board size is a procedural adjustment.

Prior to Dr. Sarney's passing, Con Edison's Board of Directors had already adopted a resolution to reduce its size from thirteen to twelve directors, effective May 20, 2002, due to the retirement of Mr. E Virgil Conway. The current filing supersedes this previous resolution with a further reduction to eleven directors.