Michael C. Camuñez
EDISON INTERNATIONALAbout Michael C. Camuñez
Independent director of Edison International since 2017; age 56. Background spans government, law, public policy, and corporate advisory, including service as U.S. Assistant Secretary of Commerce (International Trade Administration) and senior White House counsel, plus partnerships at major law firms. Education: B.A., Harvard University; J.D., Stanford Law School .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Monarch Global Strategies | President & CEO | 2013–present | Advises boards in regulated industries on strategy, compliance, safety, government relations |
| U.S. Department of Commerce (ITA) | Assistant Secretary of Commerce | 2010–2013 | Trade/investment; regulated-industry exposure |
| The White House | Special Counsel to the President; Special Assistant to the President | 2009–2010 | Managed senior appointments to Cabinet |
| O’Melveny & Myers LLP; Manatt, Phelps & Phillips LLP | Partner | prior to public service | Legal, compliance, governance advisory |
| California Natural Resources Agency | Pathways to 30x30 Advisory Committee member | 2021–2022 | Climate/conservation strategy for CA |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| American Funds family advised by Capital Group | Director of five mutual funds | 2019–present | Fund complex board; counts as one “other public board” in EIX matrix |
| Stanford University | Trustee | current | Chair, Audit, Compliance & Risk Committee |
| Amplify Education, Inc. | Director | 2020–present | Chair, Compensation & Talent Committee |
| The David & Lucile Packard Foundation | Trustee | 2018–present | Philanthropy, climate initiatives |
| Pacific Council on International Policy | Director | 2014–present | International policy forum |
Board Governance
- Independence: The Board determined all directors other than the CEO are independent under NYSE rules; independence reaffirmed February 2025. Camuñez is independent .
- Committee assignments: Audit & Finance; Nominating & Governance. Not a committee chair; not designated as an audit committee financial expert (experts are Morris, O’Toole, Reed, Trent) .
- Attendance: Board met 7 times in 2024; independent directors held executive sessions at 6 meetings. Directors averaged 98% attendance; each director attended ≥90%; 100% Annual Meeting attendance .
- Committee activity: Audit & Finance held 7 meetings; Nominating & Governance held 6 meetings in 2024 .
- Board leadership: Independent Chair structure (Peter J. Taylor); CEO not Chair .
Fixed Compensation
| Component (FY2024) | Amount | Notes |
|---|---|---|
| Board cash retainer | $127,500 | Quarterly $31,875; no meeting fees; members-only (no committee member fees; chair fees apply to chairs only) |
| Stock awards (annual) | $177,540 | Fully vested Common Stock or DSUs; grant on Apr 25, 2024; 2,496 units at $71.13 per share |
| All Other Compensation | $10,000 | Matching gifts under Director Matching Gift Program (max $10,000) |
| Total (FY2024) | $315,040 | Per Director Compensation Table |
Additional structural details:
- Annual equity awards fully vested at grant; directors may elect mix of Common Stock vs DSUs; DSUs accrue dividend equivalents. Awards under EIX 2007 Performance Incentive Plan .
- Deferred Compensation Plan available (up to 100% of cash comp; DSUs automatically deferred); interest accrues at Moody’s Baa utility bond yield average; unfunded, subject to Company solvency .
- Determination: Board sets director pay with recommendations from Compensation & Executive Personnel Committee and independent consultant Pay Governance; no increase in director comp for 2024 .
Performance Compensation
- EIX does not use performance-based cash bonuses, PSUs, or options for non-employee directors; annual equity is time-vested and fully vested at grant; stock options have not been granted to directors since 2009 .
Other Directorships & Interlocks
| Company/Complex | Type | Role | Since | Notes |
|---|---|---|---|---|
| American Funds mutual fund complex | Public (Investment Company Act) | Director | 2019 | Counts as one “other public board” in EIX disclosure |
| Amplify Education | Private | Director (Comp & Talent Chair) | 2020 | Education technology |
| Stanford University | Non-profit | Trustee (Audit, Compliance & Risk Chair) | current | Governance/oversight role |
| Packard Foundation | Non-profit | Trustee | 2018 | Climate and conservation initiatives |
| Pacific Council on International Policy | Non-profit | Director | 2014 | Policy network |
- Related-party/Interlocks: Nominating & Governance Committee reviews related-party transactions ≥$120,000; Company reports none requiring disclosure; independence reviewed monthly; no relationships considered for independence in 2024 .
Expertise & Qualifications
- Government and regulatory: Senior federal roles; utility-relevant public policy expertise .
- Legal/compliance: Former law firm partner; audit/compliance oversight (Stanford) .
- ESG/climate: CA Pathways to 30x30 Advisory Committee; philanthropy aligned with climate/conservation .
- Community connectivity: Recognized Latino civic/business leader; connected to diverse SCE communities .
Equity Ownership
| Category | Amount | As-of Date | Notes |
|---|---|---|---|
| Beneficial ownership reported (deferred stock units that can be settled within 60 days) | 10,847 | March 6, 2025 | Per Stock Ownership table; percent of class “*” indicates <1% |
| Additional fully vested DSUs (not settleable within 60 days) | 10,554 | December 31, 2024 | Fully vested; settlement timing per prior elections; excluded from SEC beneficial ownership definition |
| Common stock | — | March 6, 2025 | None reported |
| Options | — | December 31, 2024 | No options outstanding; company hasn’t granted director options since 2009 |
- Ownership alignment: Director Stock Ownership Guidelines require 5× annual Board retainer ($127,500), to be met within five years; all directors met the requirement as of end-2024 (DSUs count toward compliance) .
Governance Assessment
- Strengths: Independent director with deep regulatory/public policy and compliance experience; sits on Audit & Finance and Nominating & Governance committees overseeing financial reporting, ethics/compliance, and board composition/ESG oversight . High board engagement and attendance (≥90% individual; 98% average; 100% Annual Meeting attendance) supports board effectiveness . No related-party transactions reported, and independence reaffirmed in 2025, reducing conflict risk .
- Alignment: Annual equity grants and DSU holdings; compliance with 5× retainer ownership guideline; no stock options or performance-equity risk; matching gifts only per policy; no perquisites beyond minimal reimbursements; no meeting fees (cash retainer only) .
- Watch items: Not designated an audit committee financial expert (others on A&F hold that designation), which may modestly limit technical financial oversight compared to peers on that committee; however, committee composition includes multiple financial experts . No pledging/hedging disclosures noted beyond insider trading policy—continue monitoring for any future pledging (none indicated) .
RED FLAGS: None disclosed regarding related-party transactions, stock pledging, tax gross-ups, or option repricings for directors .