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In May, 2010, the Missouri Public Service Commission will act on Ameren UE’s request for a $402 million dollar increase in rates. The St. Louis Post-Dispatch issue of December 9, 2009, stated that the top three executives of AmerenUE received bonuses this year ranging from over $240,000 to over $770,000. But this is just part of the story. In the March 2008 issue of Forbes Magazine, it was reported that AmerenUE’s CEO, Gary Rainwater’s, total compensation for 2007, including stock, was $4.8 million dollars. Hoover’s Executive salary service lists Mr. Rainwater’s total compensation for last year, 2008, as over $5 million dollars. This publication also listed his total compensation every year since 2002. In that year, Mr. Rainwater’s total compensation was $700,000. Thus, in only six years, Mr. Rainwater’s compensation was increased by over $4.3 million dollars or 710%. These levels of raises and compensation for a public utility company executive are excessive. Further, this type of analysis should be done for all of Ameren UE’s executives.
The Missouri Public Service Commission should take this issue into consideration when they make their rate increase decision in May, 2010. At best, the Missouri Public Service Commission should negotiate with top Ameren UE executives to take a pay cut in their total compensation. At least, their total compensation levels should be frozen for five or more years.
(The opinions expressed are not necessarily those of St. Louis Public Radio.)
Lowe "Sandy" MacLean is vice chancellor emeritus, University of Missouri, St. Louis, and is active in local political and community organizations, including the Grand Order of Pachyderms (GOP), a service organization for the Republican Party.