PG&E Corp. has unveiled a proposal to pay employees up to nearly $454 million through 2022 under incentive plans that include most of its senior executives, WSJ Pro Bankruptcy reported. Ahead of a planned exit from chapter 11 protection later this year, PG&E filed papers on Wednesday saying that the compensation plans are “designed to incentivize all eligible PG&E employees to perform in line with key goals of the enterprise.” The bankrupt California utility is proposing a short-term incentive plan that would provide up to $266 million for roughly 10,000 employees, including senior executives, and a long-term incentive plan worth up to $187.8 million solely for 400 of its most senior executives. The judge presiding over PG&E’s bankruptcy has separately approved a compensation package covering Chief Executive William D. Johnson. After wildfires linked to PG&E equipment swept California starting in 2017, the company, faced with criticism, scrapped a 2018 bonus plan. Incentive compensation for most of the top brass was also temporarily suspended in 2019 after PG&E filed for chapter 11 protection, though an incentive package for 2019 later received court approval.
