PG&E (PCG) Proxy filing summary

Executive summary

• Achieved significant safety improvements, including a 40% reduction in CPUC-reportable ignitions and a third consecutive year with no major fires caused by equipment.

• Delivered five reductions in residential electric rates over two years, lowering average bills by 13% since January 2024.

• Improved electric reliability by 19% from 2024 and maintained over 99% reliability for natural gas customers.

• Extended investment plan to $73 billion through 2030, focusing on system hardening, wildfire mitigation, and innovation.

• Increased annual common dividend per share from $0.10 to $0.20, targeting a 20% payout ratio by 2028.

Voting matters and shareholder proposals

• Shareholders will vote on: (1) election of directors, (2) advisory vote to approve executive compensation, and (3) ratification of Deloitte & Touche LLP as independent auditor.

• Board recommends voting “FOR” all proposals.

• Virtual annual meeting scheduled for May 21, 2026; record date is March 23, 2026.

Board of directors and corporate governance

• All non-employee directors are independent; board chairs are independent and roles of Chair and CEO are separated.

• Board composition reflects diversity in gender and ethnicity; 60% of nominees are women or racially/ethnically diverse.

• Annual board and committee evaluations, director education, and stock ownership guidelines in place.

• Shareholder rights include annual director elections, majority voting, proxy access, and no supermajority requirements.