(San Francisco) – GovernanceMetrics International
(GMI), a corporate governance research and ratings
agency, has named PG&E Corporation (NYSE: PCG)
as one of only 34 companies worldwide to receive its
highest rating for corporate governance practices.
The Corporation received an overall rating of 10.0,
reflecting performance in the categories of board accountability,
financial disclosure and internal controls, shareholder
rights, remuneration, market for control, and corporate
behavior. GMI ranks more than 3,200 companies worldwide
on corporate governance.
“PG&E has long been, and continues to be,
committed to sound corporate governance and disclosure
practices,” said Peter A. Darbee, President and
CEO. “We continually evaluate our policies to
ensure we are complying with changing legal requirements,
and where possible, to lead in good corporate governance
by going beyond those requirements.”
“PG&E Corporation’s high score signifies
that, compared to the global universe, the company
has significantly better governance practices than
most other companies,” said Gavin Anderson, President
and CEO of GovernanceMetrics International.
In addition to getting high marks from GMI, PG&E
Corporation also received high corporate governance
ratings from Institutional Shareholder Services (ISS),
a leading provider of proxy voting and corporate governance
services. In November 2004, ISS gave PG&E Corporation
an index ranking of 99.6 out of a possible 100, placing
it fourth-highest among companies in the Standard & Poor’s
500.
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