Md. AG to probe Constellation CEO compensation

By Associated Press
June 26, 2009 | Comments (0)

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Maryland's attorney general will look into the legality of compensation given to Constellation Energy CEO Mayo Shattuck.

State Sens. Jamie Raskin and Jim Brochin sent a letter dated Thursday to Attorney General Douglas Gansler asking if there are legal remedies for "egregious compensation practices" at Constellation and if the General Assembly could regulate compensation practices.

A spokeswoman for Gansler says the attorney general will look into the matter.

The senators cite Constellation's 2009 proxy statement that Shattuck was paid almost $16 million last year.

Constellation spokesman Rob Gould says federal securities law dictates that shareholders and the board of directors decide executive compensation, noting that the board rejected bonuses for top executives last year because of poor performance.

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