SAN FRANCISCO — Peter Darbee, the top executive of energy company PG&E Corp., received total compensation of $8.7 million in 2008, a 5 percent increase from 2007, according to Associated Press calculations of data filed with regulators Wednesday.
Darbee, PG&E’s chairman, president and CEO, received a salary of nearly $1.1 million in 2008, up 4 percent from 2007, and a performance-based bonus of $1.3 million, a 3 percent increase from 2007, according to a filing with the Securities and Exchange Commission.
The bulk of his compensation was in stock awards valued at $6.5 million on the dates they were granted, including nearly $1 million worth of stock granted in May 2008 as an additional retention mechanism for Darbee.
Darbee also received perks totaling $150,210, including company contributions of $49,088 to a retirement plan.
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PG&E stock has held up better than those of other power generators in the past year as profit rose and the company boosted its dividend to $1.56 per share on an annual basis. The stock fell just 10 percent over the course of 2008, despite the market meltdown, and have stayed fairly steady since, closing Wednesday down 7 cents at $38.15.
PG&E is the parent of Pacific Gas and Electric Co., which provides natural gas and electric service to approximately 15 million people in northern and central California.
The company made $1.3 billion, or $3.63 per share, in 2008, including a $154 million tax benefit, compared with $991 million, or $2.78 per share, in 2007. Revenue rose to $14.6 billion from $13.2 billion in 2007.
The Associated Press compensation formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC, which reflect the size of the accounting charge taken for the executive’s compensation in the previous fiscal year.
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