Jennifer M. Granholm
EDISON INTERNATIONALAbout Jennifer M. Granholm
Jennifer M. Granholm, age 66, was elected to the Edison International (EIX) Board effective April 1, 2025. She is an independent director with a background spanning U.S. Secretary of Energy (2021–January 2025), two terms as Governor of Michigan (2003–2011), and earlier service as Michigan Attorney General (1999–2003). She holds a B.A. from the University of California, Berkeley and a J.D. from Harvard University, and brings expertise in clean energy deployment, grid cybersecurity, and large-scale program leadership, including oversight of ~$200 billion in DOE investments for the clean energy transition .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Department of Energy | U.S. Secretary of Energy | 2021–January 2025 | Led ~110,000 workforce; oversaw ~$200B investments to accelerate clean energy; emphasized cybersecurity resilience for U.S. energy infrastructure |
| State of Michigan | Governor | 2003–2011 | Diversified Michigan’s economy with clean energy focus; catalyzed EV transition in auto industry |
| State of Michigan | Attorney General | 1999–2003 | Senior legal and policy leadership |
| University of California, Berkeley | Distinguished Professor of Practice (Goldman School of Public Policy, School of Law) | 2011–2021 | Focused on law, clean energy, manufacturing, policy, and industry |
External Roles
| Organization | Role | Tenure (if disclosed) | Notes |
|---|---|---|---|
| Dow Chemical | Director | Previously served | Past public company board service |
| Talmer Bank | Director | Previously served | Past public company board service |
| Proterra | Director | Previously served | Past public company board service |
| Techtonic | Director | Previously served | Past company board service |
| Fincantieri Marinette Marine | Director | Previously served | Past company board service |
Board Governance
- Independence and election: Independent director; first-time nominee for shareholder election at the April 24, 2025 Annual Meeting; effective date April 1, 2025 .
- Committee assignments: Audit and Finance; Nominating and Governance (effective April 1, 2025) .
- Chair roles: None indicated for Granholm; committee chairs listed are other directors (e.g., Audit and Finance chaired by James T. Morris; Nominating and Governance chaired by Linda G. Stuntz) .
- Committee activity: Audit and Finance held 7 meetings in 2024; Nominating and Governance held 6 meetings in 2024 .
- Independence process: Board requires majority independence and all key committees to be fully independent; monthly monitoring of director relationships; in Feb 2025, the Board confirmed independent directors had no disqualifying relationships; all directors other than the CEO (Mr. Pizarro) are independent .
- Attendance: Board met 7 times in 2024; independent director executive sessions at 6 meetings; average Board/committee attendance 98%; each director attended ≥90% of eligible meetings; 100% attendance at the 2024 Annual Meeting .
- Mandatory retirement: For Granholm, mandatory retirement listed as 2031 .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Quarterly cash retainer – Board member | $31,875 | Paid quarterly; directors may defer cash compensation |
| Quarterly cash retainer – Chair of the Board (if applicable) | $23,125 | Not applicable to Granholm; Chair is Peter J. Taylor |
| Quarterly cash retainer – Audit & Finance Committee Chair (if applicable) | $6,250 | Granholm is not the chair |
| Quarterly cash retainer – Compensation Committee Chair (if applicable) | $5,000 | — |
| Quarterly cash retainer – Safety & Operations Committee Chair (if applicable) | $5,000 | — |
| Quarterly cash retainer – Nominating & Governance Committee Chair (if applicable) | $5,000 | — |
| Meeting fees | None | No meeting fees paid to directors |
| Matching gift program | Up to $10,000 annually | Dollar-for-dollar match; eligible 501(c)(3) and certain governmental entities |
| Director Deferred Compensation Plan interest | Moody’s Baa public utility bonds 60‑month average (rate applied) | Directors may defer up to 100% of cash; interest accrues per plan |
Performance Compensation
| Equity Component | Grant Value | Form | Vesting | Notes |
|---|---|---|---|---|
| Annual equity award – re-election (2024 reference) | $177,500 | Common stock or deferred stock units (director election) | Fully vested at grant | Number of shares determined by grant-date closing price; dividends accrue on DSUs |
| Annual equity award – initial election | Not separately quantified; awarded as DSUs | Deferred stock units | Fully vested at grant | If initial election occurs before Annual Meeting, director receives regular annual equity award at initial election and is not eligible for an additional award upon re‑election that year |
| Stock options | None granted to non‑employee directors since 2009; none outstanding as of 12/31/2024 | — | — | Confirms equity structure is non‑option-based |
Performance metrics: Director compensation at EIX is not tied to operating or financial performance goals; annual equity awards are fully vested on grant and directors are not granted options, indicating no performance-conditioned vesting for director pay .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None (listed as “0” in Director Nominees table) |
| Prior public/private boards | Dow Chemical, Talmer Bank, Proterra, Techtonic, Fincantieri Marinette Marine (previously served) |
| Potential interlocks/conflicts | Nominating and Governance Committee reviews independence and related party transactions; Board confirmed no disqualifying relationships; no related party transactions requiring disclosure |
Expertise & Qualifications
- Clean energy and zero‑carbon deployment; grid cybersecurity and resilience; large-scale program management (DOE) .
- Regulatory, legal and public policy leadership (Governor and Attorney General of Michigan) .
- Education: B.A., University of California, Berkeley; J.D., Harvard University .
- EIX Board skills matrix highlights Board coverage across regulatory, risk management, operations, and technology; Granholm adds legal/public policy, environmental/sustainability, and governance depth (committee assignments reinforce this) .
Equity Ownership
| Holder | Deferred Stock Units (settle‑within‑60‑days) | Common Stock Options | Common Shares | Total Beneficially Owned | Percent of Class |
|---|---|---|---|---|---|
| Jennifer M. Granholm | — | — | — | — | <1% |
- Stock ownership guidelines: Directors must own shares/derivatives equal to 5x annual Board retainer ($127,500) within 5 years; all directors complied as of end‑2024; Granholm will be subject to the same guideline timeline beginning with her initial election .
- Hedging/pledging: Company has an insider trading policy governing director transactions and trading windows; policy filed with 2024 Annual Report; specific hedging/pledging restrictions not detailed in proxy text provided here .
Governance Assessment
- Committee fit and oversight: Assignment to Audit & Finance and Nominating & Governance aligns with her public policy and energy systems experience; Audit & Finance met 7 times in 2024, indicating robust cadence; Nominating & Governance met 6 times and oversees independence, Board refreshment, related party reviews, and ESG oversight, positioning Granholm in core governance workflows .
- Independence and conflicts: Board confirmed independence under NYSE rules and monthly monitoring; Nominating & Governance’s annual related party review found no transactions requiring disclosure, mitigating conflict risk as she transitions from federal service to board role .
- Ownership alignment: She starts at zero ownership and will need to reach 5x retainer within five years; EIX awards initial DSUs upon election and fully vested equity annually, with a robust ownership guideline supporting alignment over time .
- Director pay structure: No meeting fees, no options since 2009, equity fully vested at grant, and an ability to defer cash with transparent interest basis; matching gift program capped at $10,000. This structure favors simplicity and independence over performance‑conditioned director pay, which is common market practice for utilities and reduces incentive misalignment risk for oversight roles .
- Investor signals: Say‑on‑Pay support was 91.9% in 2024, and Board sustained engagement with holders of >50% of shares; signals constructive shareholder relations and compensation governance stability .
Watch items and potential red flags
- New director with zero starting ownership — monitor progress toward 5x retainer guideline over the next 5 years .
- Oversight areas intersecting political approvals (Audit & Finance reviews political contributions >$1M) merit attention for reputational risk management; however, the company has transparent policies and has received top CPA‑Zicklin “Trendsetter” ratings for nine straight years .
- Wildfire and safety risks remain elevated for EIX; while not specific to Granholm, Board and Safety & Operations oversight frameworks are active and should integrate her energy/cyber expertise where relevant .