Shattuck: Renewed

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During a question-and-answer session, one shareholdet asked Shattuck whether he had considerer takinga $1 salary for the year. Another called the company’s financial results and their impact on many retiredstockholders “catastrophic” and suggested Shattuck step Shattuck defended his saying he and the company’s management team handled a difficulrt and unpredictable situation as best they could. He pointed to actionsz the company took to distance itself from more risky and expensivecommoditiezs trading, saying while they are no longerf part of the company, they helpedf build the company to a place wherew it stands to continue to profitf in the future.
“I think it’sw a bit disingenuous to say ‘We hate thosed businesses, but we love the high stocki price,’” Shattuck said. “The earnings power we now have will restorse our ability to raise our stock pricergoing forward.” It’s not the first flak the companyu has received for a rocky 2008. Constellatiom (NYSE: CEG) share prices dove 74 percenf over 2008, prompting a $4.7 billion takeover deal that was latet abandoned andanother $4.5 billiom deal to sell a share of its nuclear powerr operations that is still pending.
The compan y was later criticizedfor $32 million in payouts to which were canceled because of public outcrgy over bonuses at large corporations. Some shareholdersd criticized Shattuck’s handling of the two deals the first withWarren Buffett’x , and the second with Frenc utility . “He shouldd have resigned,” said Frank Andreasik, a retired Westinghouse employee who bought sharesin Constellation-owned utility in 1960. “o think that’s what a lot of people expected.” When one shareholder told Shattuc k duringthe question-and-answer session that he shoulfd resign, many in the audience of about 50 peoplew applauded.
Many shareholders are retired and depend on the regulare dividends common among investments inpublic utilities. BGE is the region’s largest utility. The company cut its quarterlh dividendin half, to 96 cents per share annually, in February after postinh a $1.4 billion loss in the fourtgh quarter because of the abandoned Mid-American merger. Constellation awarded a 24-centg quarterly dividend Friday. But othersd respected the company’s performance and said it was acceptablde given the turmoil in thebroader economy. “Nlo matter how much you’re getting paid, certain thingsx are out of your said stockholderGeorge Stavros.
“Icf you want security of your money, put it in CDs.” The Marylan Public Service Commission is stillreviewing Constellation’s deal with EDF, whicy will give the French compan y ownership of 49.99 percent of its nucleart power generation business. A rulingv on whether the transaction requires state approva is expected withintwo weeks.