In a swift 17-minute meeting held in a Oklahoma City hotel Thursday, NextEra Energy successfully won shareholder approval of a $31 million compensation package for its five top executives, and defeated two proposals aimed at increasing transparency over how the company is handling sea level rise and political contributions.
"The company you own had a very strong 2015,'' declared NextEra president and CEO Jim Robo as he called the quick meeting to order at the Embassy Suites hotel in downtown Oklahoma city.
He is among the company’s five top executives who, shareholders agreed will be paid $31 million in performance pay and stock because of the company’s strong financial performance in the last year. Robo alone earned at least $15.2 million in compensation in 2015, according to the company proxy statement.
The Juno Beach-based company is the parent of Florida Power & Light and one of the nation's largest utility conglomerates. The audio cast of the annual meeting for company shareholders is available on the company’s web site.
Robo cited NextEra’s better than average reliability, its lower than average customers bills, its satisfaction among business customers, its acquisition of a Texas pipeline, and its expanding wind and solar market as evidence of “the whole company delivering outstanding financial performance for our shareholders.”
Robo did not make note of the troubles ahead, such as the federal and state orders for FPL to clean-up its leaking cooling canals in order to stop a plume of saltwater from migrating into South Florida’s drinking water supplies and leaking into Biscayne Bay or the resistance the company faces in its bid to purchase Hawaii Electric.
Robo recognized a representative for Coral Gables activist and NextEra shareholder, Alan Farago and his wife Lisa Versaci, to present their shareholder proposal to require the company to report each year on the risk its faces from sea-level rise, under a range of scenarios and according to the best available science.
Farago has argued that FPL's position as the supplier of electricity to Florida's east coast is "extraordinarily vulnerable to the financial disruptions of climate change."