Cobb EMC Director and Officer Compensation Exceeds EMC Peers, Increases Outstrip Inflation
A review of publicly available IRS filings show that the Cobb EMC Director and “C” level executive compensation significantly exceeds that of other large EMCs in Georgia, and the rate of increases significantly outpaces inflation. It is important to be aware when reviewing the information below that all of Cobb EMC’s “C” level executives were on the executive team of indicted former CEO Dwight Brown and all the Director positions are part time.
Cobb EMC Forum reviewed publicly available IRS form 990 data to analyze the annual percent increases in compensation from 2012 through 2014.
The average percent increase in Director compensation between 2012 and 2014 was 14.5%per year. Average “C” level executive compensation increased 28.5% per year. The increase in the U.S. consumer price index during that same period was 1.2% per year.
In addition, Cobb EMC Forum used publicly available IRS filings to compare Cobb EMC Director and Executive compensation to the other 5 largest metro Atlanta EMCs as well as Pedernales Electric Cooperative, the largest EMC in the nation. Pedernales situation is similar to that of Cobb EMC in that their former CEO started serving jail time in August of 2015 for third-degree felony theft of co-op funds, money laundering and misappropriation of fiduciary property.The forum feels that this basket of benchmark EMCs presents a fair basis to evaluate Cobb EMC compensation.
The comparison reveals that Cobb EMC Directors compensation averaged 89% higher than the benchmark basket of peer EMCs. Executive compensation is also lucrative at Cobb EMC, averaging double that of their peers.
Click here to see the details on how our Board and Executives stack up against their peers.