The new owner of South Carolina Electric & Gas is bringing its meeting of shareholders to the Palmetto State.
Richmond, Va.-based Dominion Energy said in its newly filed proxy statement that it will hold the annual gathering May 7 at the University of South Carolina Alumni Center in Columbia. It starts at 9:30 a.m. Attendance is limited to shareholders of record as of March 1, and tickets are required.
Dominion picked up quite a few investors in South Carolina on Jan. 1, when it purchased Cayce-based SCE&G parent SCANA Corp. in a stock swap valued at about $6.8 billion.
The agenda for the May meeting includes the election of two former longtime SCANA directors who joined the Dominion board in mid-February: Charleston businessman D. Maybank Hagood and Columbia banker James A. Bennett.
Hagood is chairman and chief executive officer of Southern Diversified Distributors Inc., a floor-covering products supplier and logistics business. He's also CEO of the affiliated William M. Bird and Co.
The Charleston resident became a SCANA director in 1999, and he was named chairman in early 2018, days before the company agreed to be sold to Dominion.
Bennett is the Midlands area executive for First-Citizens Bank & Trust. He had been on the board of SCANA from 1997 until the sale of the company.
Dominion's base annual compensation for directors who aren't employees was $107,500 in cash and $157,500 in stock effective April 2018, according to a filing this week with the Securities and Exchange Commission.
The Virginia utility giant agreed to appoint at least one former SCANA director or executive to its now 13-member board once the buyout was finalized.
The SCE&G parent became a takeover target after its $9 billion plan to add two reactors at the V.C. Summer Nuclear Station north of Columbia collapsed in July 2017. The sale to Dominion was announced less than six months later. South Carolina regulators approved the deal in late 2018.
Dominion tends to rotate its annual meetings between its hometown and the other places it operates in. It held the event at a Columbia hotel three years ago, after buying a 1,500-mile natural gas pipeline network in South Carolina and southeast Georgia from SCANA.