By Stephen Nakrosis
The president and chief executive of energy company Edison International (EIX) said Friday that "no annual incentive would be paid for 2018 to me and my four senior-most executive colleagues."
The announcement, made in a letter to shareholders from Pedro J. Pizarro, said the Board of Director's Compensation Committee made the decision "in consultation with management and with our full support and agreement."
Mr. Pizarro said the decision "was not a reflection on the performance of the company or these individuals."
Edison is dealing with the aftermath of a series of California wildfires and the possibility it could face billions of dollars in potential liabilities.
Mr. Pizarro said Edison International and Southern California Edison are working "through the challenges created by the "new normal" of California wildfires," and added that although the company continues to progress with its clean energy strategy, "combating wildfire threats and doing so safely is the company's top priority."
To enhance wildfire safety and reduce the risk of future wildfires, the letter said Edison is working to harden its grid infrastructure, to increase its awareness of weather situations which could heighten wildfire conditions, and to enhance operating practices with "more proactive vegetation management, enhanced inspections and temporary power shutoffs during high-risk conditions."
Mr. Pizarro said the board also approved a $3 million donation to the Edison International Wildfire Assistance Fund "to help communities recovering from wildfires and to enhance community resiliency and wildfire prevention and mitigation."
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