Shareholder Interest, 2010
Next Project →Shareholder Interest is a project to acquire ownership in New York City’s electrical grid, so that one might participate in its high-level operation and management. To that end, PwO acquired 15 shares of ConEd stock, traded on the NYSE under the symbol “ED”.
In the deregulated energy environment of the United States, providers of electricity and electrical transmission capacity are often operated as for-profit, publicly traded companies. Such companies are required by the Securities and Exchange Commission (SEC) to hold annual meetings for shareholders. Common agenda items include a “state of the company” address from the CEO, an overview of propositions up for vote, and a Q&A between shareholders and the CEO.
PwO attended ConEd’s 2010 annual shareholder meeting, voting on the issues presented to shareholders, and listening to questions asked of Kevin Burke, the CEO of ConEd. Questions ranged from the impact of future energy regulation, to returning broken fluorescent light bulbs, to concerns from non-unionized contract employees. All shareholders in attendance received a “swag bag” with an annual report and energy-saving foam seals for your electrical sockets.
As a continuing project, PwO will attend ConEd’s annual shareholder meetings and reinvest all dividends received from its holdings with ConEd.
