BOSTON -- The board of directors of Dominion (NYSE: D) today elected President
and Chief Executive Officer Thomas F. Farrell II as chairman of the board,
effective immediately. Farrell succeeds retiring Board Chairman Thos. E. Capps.
Farrell’s
election came following Dominion’s annual shareholder
meeting, which was held in Boston to highlight the company's growing presence
as a major wholesale and retail energy provider in New England. Dominion, one
of the nation’s largest energy producers, is headquartered in Richmond,
Va.
Farrell became chief executive officer on Jan. 1, 2006. Prior
to that, he served in several senior management positions since joining the
company in 1995.
Ten Directors Re-Elected
Shareholders at the company's annual
meeting elected 10 incumbent directors to new one-year terms. Four directors
did not stand for re-election, reducing the Dominion board from 14 to 10. In
addition to Capps, the other directors not standing for re-election were Richard
L. Leatherwood, Ronald J. Calise and S. Dallas Simmons.
Two Shareholder
Proposals Defeated
Shareholders also defeated two shareholder proposals
at the meeting. A proposal to require the company to prepare a report evaluating
the environmental, health and cultural impacts created by utilizing a National
Interest Electric Transmission Corridor to site a new transmission line in
Northern Virginia was rejected by 93 percent of the votes cast. Management
recommended against the proposal because such impacts will already be evaluated
through a long-established process overseen by the Virginia State Corporation
Commission and described on the company's website. Management also noted
that no such corridor has been designated by the federal government in Virginia.
A
second proposal requesting that the company prepare a report describing its
responses to reduce carbon dioxide and other emissions from the company's power
facilities also was rejected by 78 percent of the votes cast. Management
recommended against the proposal because it reports extensively on its environmental
protection activities in public documents and in reports on its Web site.
Dominion
is one of the nation's largest producers of energy, with a portfolio of more
than 26,300 megawatts of generation, about 6.5 trillion cubic feet equivalent
of proved natural gas reserves and 7,800 miles of natural gas transmission
pipeline. Dominion also owns and operates the nation's largest underground
natural gas storage system with about 960 billion cubic feet of storage capacity
and serves retail energy customers in 11 states. For more information about
Dominion, visit the company's Web site at http://www.dom.com/.
