Executives at publicly-traded utility companies going through bankruptcy proceedings — like Pacific Gas & Electric Co. — won't get bonuses or "golden parachute compensation" under federal legislation proposed Wednesday by U.S. senator and Democratic presidential candidate Kamala Harris.
The bill comes after controversial, multi-day power shutoffs to millions of households and businesses across California in October by the beleaguered utility in a bid to reduce the risk of its equipment sparking a catastrophic wildfire.
The San Francisco-based company's equipment has been found responsible for starting the deadliest and most destructive wildfire in California history — last November's Camp Fire in Butte County, which killed 85 people and destroyed nearly 14,000 homes. The potential legal liability for that blaze and others prompted the company to file for Chapter 11 bankruptcy protection in January.