CEO of Virginia energy giant gets $3 MILLION bonus after meeting controversial ESG goals despite the company’s stock plummeting amid claims it overcharged customers by $1B
- Dominion Energy handed out $3 million in bonuses to their CEO Robert Blue after the company met controversial ESG achievements
- His bonuses have been branded ‘egregious ‘ by one consumer watchdog
- It comes after environmental watchdog claimed to Virginia’s State Corporation Commission that Dominion overcharged customers by $1.2 billion since 2015
The CEO of a Virginia based energy company has received a $3 million bonus over two years after meeting controversial ESG goals.
Dominion Energy, headquartered in Richmond, is among the list of companies that gave significant sums to their CEO, Robert Blue, partly due to his work on ESG achievements.
ESG is a scoring system that rates corporations based on factors including their environmental, social and governance policies – which critics say are controversial as they allocate money based on agenda rather than a drive to combat climate change.
This March, Dominion Energy released its 2022 proxy statement, which indicated that Blue earned a bonus of approximately $1.6 million, partially due to meeting ESG goals.
The year previous, he was awarded $1.75m, which means the latest figure brings his bonuses to over $3 million in part due to the company achieving ESG goals.
Dominion Energy CEO Robert Blue speaks at a news conference at the Marriott Hotel at Waterfront Place June 3, 2021 in Morgantown, West Virginia
A sign stands at Dominion Energy’s coal fired power plant along the James River on April 29, 2015, in Chester, VA
Barron’s published a finding that alleged corporations are incentivizing CEOs to help companies to achieve these goals, to the tune of tens of millions of dollars.
The publication said: ‘Over 60% of S&P 500 companies included ESG measures in executive pay last year, up from 19percent in 2019, according to proxy advisory firm Glass Lewis.
‘Utilities and fossil fuel companies — facing some of the steepest risks to revenue as the world moves to cleaner energy — are most likely to include ESG factors in pay, followed by consumer-facing brands and financial institutions.’
‘Dominion CEO Robert Blue received nearly $7 million in compensation in 2021, including a $1.75 million bonus partially thanks to meeting ESG goals.’
Last year, Dominion stock price plummeted by roughly 30 percent with a current share price of $51, down 34 percent.
In September 2021, the Southern Environmental Law Center (SELC), an environmental watchdog, claimed to Virginia’s State Corporation Commission that Dominion overcharged customers by $1.2 billion since 2015.
In a statement, the SELC said: ‘Because Dominion is a monopoly, no competition exists to drive its prices down.
‘Virginian households average the sixth highest electric bills in the country.’
In the last year, the stock price of the energy company has plummeted 34 percent
This aerial photo shows cooling ponds alongside Dominion Energy’s North Anna Power Station along the shores of Lake Anna in Mineral, VA
Will Hild, executive director of Consumers’ Research, criticized Blue’s ESG bonuses as ‘egregious.’
He told Fox News Digital: ‘It’s egregious that Dominion would award millions in ESG bonuses to CEO Robert Blue when an objective analysis of his performance shows consistent failure.
‘But this is ESG in its purest form – ignore failure to customers and prioritize woke virtue signaling that does nothing for them.’
A spokesperson for Dominion Energy also told Fox News Digital: ‘At Dominion Energy, we are proud to safely provide reliable and affordable energy to 7 million customers in the states we serve.
‘In those states, our rates are set by regulatory commissions,” the spokesperson said.
‘At our Annual Meeting of Shareholders in May, 91% of our shareholders who voted their proxies approved the compensation for our named executive officers, including Mr. Blue.’