Assemblyman Jerry Hill is expected to introduce a new bill Monday looking to require utility executives to return their bonuses if their companies are fined for safety violations.
According to Hill's office, he plans to introduce the bill on the day when PG&E holds its annual shareholders meeting in San Francisco.
Hill, D-San Mateo, said he is trying to stop practices such as what happened in 2011 when amid the San Bruno pipeline explosion aftermath with a $38 million severance package.
Hill's legislation would:
- prohibit ratepayer money from being used to pay for executive bonuses based on corporate earnings or share price,
- subject utility executives to fines of up to $1 million per violation for corporate malfeasance, and
- require top executives to return ill-gotten performance bonuses.
Representatives of The Utility Reform Network, a consumer advocacy group, will join Hill at a news conference at 10 a.m. at PG&E's headquarters, 77 Beale Street, in San Francisco.