IS IT TRUE APRIL 26, 2017

first_imgWe hope that today’s “IS IT TRUE” will provoke honest and open dialogue concerning issues that we, as responsible citizens of this community, need to address in a rational and responsible way?  IS IT TRUE that in the annual proxy on Vectren’s website in a section called Severance Benefits on page 43 the following is explicitly stated?   …Vectren website states: “We have an executive severance plan and change in control agreements for our executive officers. The change in control agreements employs a “double trigger” upon a change in control such that payments are only made upon a change in control and subsequent qualified termination of employment. We do not provide excise tax gross-ups for change in control benefits. The change in control agreements uses a modified severance payment cap that can reduce benefits based on the particular tax situation of the executive officer receiving payment.“IS IT TRUE that given this double trigger is in place any Vectren executives who are not included as new employees of Center Point Energy may be set up to walk away with much money in a settlement as they would in any other situation other than a change of control?…given the habits of corporate America to feather the nests of the top level of management we been told that Vectren inner circle could be poised to become very wealthy people as a result of the takeover of Vectren by Center Point Energy UNLESS, they are retained in similar C Level positions in Center Point?…while keeping the Evansville based C Level executives in place is possible, it is highly improbably?…the question that will be answered soon in a forthcoming public proxy statement is just how many top level executives at Vectren will be getting golden handshakes and how much that may be?IS IT TRUE that due to the generosity of the Indiana Utilities Regulatory Commission that is filled with less than consumer friendly appointments, Vectren’s profits are about much higher than their publicly traded peer group?…Vectren earned profits of over $214 million in 2017 which is about $70 million more than comparable companies that have lower rates earned?…without the less than consumer friendly appointees made by past and present Governors this would not have been possible?…one would think that the ratepayers of Vectren should share in this windfall since the IURC is what made the higher utility rates possible?…we don’t recommend holding your breath waiting for a double trigger severance check or a rate decrease at the personal level?…given the level of earnings and the age of most Vectren C level executives, it would be entirely possible for several Vectren executives will share in a golden handshake that could total well over several million dollars each?…anyone who is not retained at the highest levels may be set up for life?…being set up for life just for managing a legislated monopoly is simply mind boggling?…it is good work to the few who are hand picked to get it?IS IT TRUE that with the buyout (let’s call this what it is) of Vectren by Center Point Energy, the beautiful building on the riverfront will no longer be a corporate headquarters?…all of the talking heads in City government and the local Illuminati (Evansville Business Committee office is located in the Vectren riverfront building) have taken pride over the years in touting the importance of having as many corporate headquarters as possible?…Vectren and Mead Johnson have or will move their headquarters out of Evansville in the near future ?…this never bodes well for local engagement or hiring at high levels?Todays “Readers Poll” question is: Do you want the local media to publish the public proxy statement concerning how much money the top level executives at Vectren will be getting from the sale of Vectren to Center Point Energy?Please take time and read our articles entitled “Statehouse Files, Channel 44 News, Daily Devotions, Law enforcement, Readers Poll, Birthdays, Hot Jobs, and Local Sports.You are now are able to subscribe to get the CCO daily. FacebookTwitterCopy LinkEmailShare If you would like to advertise on the CCO please contact us [email protected]last_img

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