Summary
Xcel Energy Inc. (XEL) filed an 8-K on October 20, 2005, primarily reporting on changes within its Board of Directors. A key development was the appointment of Richard H. Truly to the board's Finance Committee and its Operations, Nuclear and Environmental Committee. Mr. Truly, initially elected in September 2005, also received a pro-rated stock equivalent award valued at approximately $37,100, reflecting his service from his election date to the 2006 annual meeting. This appointment aims to leverage his expertise on critical board committees. Additionally, the filing discloses the resignation of director Ralph R. Peterson, effective October 19, 2005. Mr. Peterson resigned to preempt potential conflicts of interest and to maintain his independent director status, given that Xcel Energy subsidiaries have engaged and are expected to engage CH2M Hill Companies, Ltd. (where Mr. Peterson is Chairman and CEO) for engineering and construction services. The company reaffirmed that Mr. Peterson was considered an independent director during his tenure according to NYSE and company governance standards.
Key Highlights
- 1Director Richard H. Truly appointed to the Finance Committee and Operations, Nuclear and Environmental Committee of the Board.
- 2Mr. Truly received a pro-rated stock equivalent award valued at approximately $37,100.
- 3Director Ralph R. Peterson resigned from the Board of Directors effective October 19, 2005.
- 4Mr. Peterson's resignation was to avoid actual and/or perceived conflicts of interest with CH2M Hill Companies, Ltd., where he is Chairman and CEO.
- 5Mr. Peterson also resigned to ensure continued qualification as an independent director.
- 6Xcel Energy subsidiaries utilize and are expected to increase engagement with CH2M Hill Companies, Ltd. for services.