PG&E Corporation management check
PCG · Utilities · Multi-Utilities · CEO Patricia K Poppe
Filings as of
2 good · 3 to watch · 2 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $130, against $145 for the peer group the company picked itself.
- Flag
Does pay follow performance?
Pay moved against returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of -0.69 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
764075.6% of net income$19.8m of reported pay in fiscal 2025, against $3k of net income.
- Watch
Do they own the stock?
CEO stake ≈ 1.9 years of payThe CEO holds 2,273,268 shares, directly or through trusts (unvested awards not counted): about 1.9 years of pay. Light activity: $92k bought, $1.9m sold in six months. 5 of 6 sales ran on pre-arranged 10b5-1 plans.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +1.5% a year over the last three fiscal years. Stock-based pay was 0.5% of revenue in the latest year.
- Good
Is leadership stable?
4 leadership filings in 3 years4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Utilities.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 37 | 53 | |
| Pay for performance | 16 | 81 | |
| CEO cost | 0 | 50 | |
| Skin in the game | 49 | 45 | |
| Dilution | 31 | 37 | |
| Stable leadership | 100 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Multi-Utilities, by management score. PG&E Corporation is 28th of 30 in its sector.
- 146NEENextEra Energy72
- 210CMSCMS Energy68
- 226AEEAmeren66
- 227SRESempra66
- 242NINiSource65
- 244CNPCenterPoint Energy65
- 245XELXcel Energy64
- 330DDominion Energy59
- 337PNWPinnacle West Capital59
- 361EDConsolidated Edison57
Pay versus performance
From the proxy statement filed April 9, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | — | $19.8m | $7.2m | $4.1m | $130 | $145 | $3k |
| 2024 | — | $15.8m | $21.6m | $4.7m | $163 | $129 | $2k |
| 2023 | — | $17.0m | $22.6m | $3.9m | $145 | $112 | $2k |
| 2022 | — | $14.1m | $28.0m | $3.2m | $130 | $119 | $2k |
| 2021 | — | $51.2m | $55.4m | $3.1m | $97 | $117 | −$102 |
The board says pay is tied most to Non-GAAP core EPS. Its other key measures: (1) Operating Cash Flow, (2) Non-GAAP Core EPS, (3) Relative TSR.
Insiders and the CEO's stake
Patricia K Poppe (Chief Executive Officer) held 2,273,268 shares directly after their latest Form 4 on Apr 28, 2026, roughly $37.3m at that filing's price.
Light activity: $92k bought, $1.9m sold in six months. 5 of 6 sales ran on pre-arranged 10b5-1 plans.
- BoughtJohn O LarsenDirector$92kSep 30, 2026
- SoldJason M GlickmanEVP, Strategy and Growth$773kApr 28, 2026
- SoldCarla J PetermanPresident, EVP Cust&Corp Afrs · 10b5-1 plan$530kJun 15, 2026
- SoldPatricia K PoppeChief Executive Officer · 10b5-1 plan$512kApr 28, 2026
Leadership and governance on file
- Dec 17, 2025Leadership change8-K 5.02
- Sep 12, 2025Leadership change8-K 5.02
- Dec 16, 2024Leadership change8-K 5.02
- Oct 15, 2024Leadership change8-K 5.02
- Aug 16, 2023Leadership change8-K 5.02
- Mar 15, 2023Leadership change8-K 5.02
- Feb 27, 2023Leadership change8-K 5.02
- Feb 21, 2023Leadership change8-K/A 5.02
- Feb 10, 2023Leadership change8-K 5.02
- Dec 15, 2022Leadership change8-K 5.02
- Dec 2, 2022Leadership change8-K 5.02
- Mar 15, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 26, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $86.0m returned to owners in buybacks and dividends, 954707% of net income, and $494.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $20.6bn | $21.7bn | $24.4bn | $24.4bn | $24.9bn |
| Net income | −$102 | $2k | $2k | $2k | $3k |
| Stock-based pay | $56.0m | $115.0m | $91.0m | $98.0m | $134.0m |
| Buybacks | — | — | — | — | — |
| Dividends | — | $0 | $0 | $86.0m | — |
| Diluted shares | 1985m | 2132m | 2138m | 2147m | 2202m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.