Edward Baine
HUBBELLAbout Edward H. Baine
Edward H. Baine, 51, was elected as an independent director of Hubbell Incorporated on August 29, 2025. He serves as Executive Vice President–Utility Operations and President–Dominion Energy Virginia at Dominion Energy, and has more than 30 years of engineering, operational, and senior leadership experience in regulated utilities. Baine holds a bachelor’s in electrical engineering from Virginia Tech, completed Duke University’s Fuqua Advanced Management Program, and is a registered Professional Engineer in Virginia. He was appointed to Hubbell’s Compensation and Finance Committees upon election; the company disclosed no related‑party transactions under Item 404(a) in connection with his appointment .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Dominion Energy Virginia | President | 2020–present | Leads a regulated electric utility serving millions of customers; deep operational oversight |
| Dominion Energy (Utility Operations) | Executive Vice President–Utility Operations | January 1, 2025–present | Oversees Dominion Energy Virginia and Dominion Energy South Carolina utility operations |
| Dominion Energy | Associate Engineer; various engineering/operations roles | Joined full‑time 1995; 30+ year career | Progressed through engineering and senior management positions |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Dominion Energy, Inc. (NYSE: D) | Executive Vice President–Utility Operations | 2025–present | Utility Ops across Dominion Energy Virginia and Dominion Energy South Carolina |
| Civic and business organizations | Board member | Not disclosed | Serves on various civic and business boards (organizations unspecified) |
Board Governance
- Committee assignments: Compensation Committee member and Finance Committee member, effective August 29, 2025 .
- Independence: Elected as an independent director; Company affirms majority independent board and committees are 100% independent (Audit, Compensation, Finance, NCGC) .
- Meetings and attendance context: The Board held 8 meetings in 2024 with average director attendance of 98%; committees reported 100% attendance in 2024 (Audit: 8 meetings; Finance: 4 meetings; Compensation: 4 meetings) .
- Board leadership: Independent Lead Director structure in place to counterbalance combined Chair/CEO role .
- Voting standards: Board recommended adoption of majority voting in uncontested elections (Proposal 4) at the 2025 Annual Meeting .
- Related persons policy: Company reports no related party transactions with directors, officers, or significant shareholders; Baine specifically has none under Item 404(a) as part of his election .
| Committee | Role | Effective Date | Independence | 2024 Activity |
|---|---|---|---|---|
| Compensation | Member | Aug 29, 2025 | 100% independent (committee) | 4 meetings; 100% attendance |
| Finance | Member | Aug 29, 2025 | 100% independent (committee) | 4 meetings; 100% attendance |
Fixed Compensation
| Component | Amount/Value | Terms | Source |
|---|---|---|---|
| Annual Board Retainer (cash) | $100,000 | Paid quarterly; increased effective May 7, 2024 | |
| Lead Director Retainer | $30,000 | Annual cash retainer for Lead Director | |
| Annual Restricted Share Grant | $160,000 | Vests at next Annual Meeting if continuing service, or earlier upon death/change in control | |
| Committee Retainers — Audit | Chair: $20,000; Member: $10,000 | Paid quarterly | |
| Committee Retainers — Compensation | Chair: $15,000; Member: $7,000 | Paid quarterly | |
| Committee Retainers — Finance | Chair: $13,000; Member: $5,000 | Paid quarterly | |
| Committee Retainers — NCGC | Chair: $13,000; Member: $5,000 | Paid quarterly | |
| Deferred Compensation Plan (Directors) | Available | Deferral of cash retainers and restricted stock into stock units or cash accounts; dividends accrue as units; distributions post‑termination; change‑of‑control lump sum | |
| Baine initial equity grant | $160,000 | Restricted stock award granted on Aug 29, 2025; participates in standard non‑employee director compensation |
Performance Compensation
Directors do not receive performance‑based equity; however, as a Compensation Committee member, Baine oversees executive pay programs tied to explicit performance metrics. Core performance share metrics and targets (for executive LTI) are below.
| Metric | Weight | Target Levels | 2024–2026 Targets / Payout Scales | Source |
|---|---|---|---|---|
| Relative Sales Growth | 34% | Percentile vs S&P Capital Goods 900 | Max >75th=200%; Target 50th=100%; Threshold 25th=50%; <25th=0% | |
| Adjusted Operating Profit Margin | 33% | Absolute margin target | 2024–2026: Max 22.75%=200%; Target 21.00%=100%; Threshold 19.25%=50%; <19.25%=0% | |
| Relative TSR | 33% | Percentile vs S&P Capital Goods 900 | Max >75th=200%; Target 50th=100%; Threshold 25th=50%; <25th=0% |
Recent outcome context (for 2022–2024 performance cycle concluded Dec 31, 2024):
- Projected payouts achieved 200% on all three metrics pending final peer reporting; final determinations in April 2025 .
Other Directorships & Interlocks
| Company/Organization | Type | Role | Notes |
|---|---|---|---|
| Dominion Energy Virginia | Regulated utility (subsidiary of Dominion Energy, Inc.) | President | Executive role; not disclosed as a public company board directorship |
| Civic/business organizations | Non‑profit/private | Board member | Organizations not specified |
No other public company directorships are disclosed for Baine in Hubbell’s filing and press release .
Expertise & Qualifications
- Utility operations leadership: President of a major regulated utility; Executive VP overseeing multi‑state utility operations .
- Technical credentials: B.S. Electrical Engineering (Virginia Tech); Registered PE (Virginia) .
- Executive development: Advanced Management Program, Duke Fuqua .
- Long‑tenure utility industry experience and risk oversight in regulated markets .
Equity Ownership
| Item | Detail | Source |
|---|---|---|
| Initial beneficial ownership at election | Form 3 filed Sept 3, 2025 reported “No securities are beneficially owned.” | |
| Restricted stock granted | $160,000 restricted stock award on Aug 29, 2025 (number of shares not disclosed) | |
| Pledging/Hedging policy | Company prohibits hedging/pledging of Hubbell stock by directors and officers | |
| Stock ownership policy | Stock Ownership and Retention Policy applies to non‑employee directors; published on company website |
Governance Assessment
- Strengths: Independent director with deep regulated utility expertise aligned with Hubbell’s grid modernization focus; immediate placement on Compensation and Finance enhances board effectiveness in pay‑for‑performance oversight and capital allocation .
- Compensation governance: Company maintains robust pay design and clawback policy; Say‑on‑Pay support was 95.1% in 2024, indicating strong investor alignment .
- Independence and conflicts: Company disclosed no related‑party transactions for Baine under Item 404(a) at appointment; Board and key committees are fully independent, with regular executive sessions .
- Alignment considerations: Initial Form 3 showed no beneficial ownership; RS grant and director stock ownership policy support the build‑up of ownership over time; hedging/pledging prohibitions reinforce alignment .
- Shareholder rights improvement: Board sought majority voting in uncontested elections for enhanced accountability .
Insider Trades
| Date | Form | Security | Reported Holdings/Notes |
|---|---|---|---|
| Sept 3, 2025 | Form 3 (Initial Statement) | HUBB common | “No securities are beneficially owned.” |
Notes: Baine’s restricted stock grant was disclosed via 8‑K (Item 5.02) on Aug 29, 2025; a corresponding Form 4 was not identified in the provided documents .