David L. Porges
NEXTERA ENERGYAbout David L. Porges
David L. Porges (age 67) is an independent director of NextEra Energy (NEE) since 2020 and currently chairs the Finance & Investment Committee; he also serves on the Executive Committee and the Governance & Nominating Committee. He is retired, with over two decades of energy-sector leadership as CEO/Chairman of EQT Corporation and Chairman of Equitrans Midstream; he holds an MBA from Stanford University.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| EQT Corporation | CFO | 1998–2010 | Led finance, capital markets, and M&A at a large energy company |
| EQT Corporation | CEO | Apr 2010–Apr 2011 | Operational and strategic leadership |
| EQT Corporation | CEO & Chairman | Apr 2011–Feb 2017 | Long-tenure CEO/Chairman overseeing operations and M&A |
| EQT Corporation | Executive Chairman | Feb 2017–Mar 2018 | Oversight and transition leadership |
| EQT Corporation | Chairman & Interim CEO | Mar 2018–Nov 2018 | Stabilized leadership during transition |
| Equitrans Midstream Corporation | Director | Nov 2018–Dec 2019 | Board oversight at midstream firm |
| Equitrans Midstream Corporation | Chairman | Nov 2018–Jul 2019 | Chaired the board, governance and strategy |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Public company boards (current) | None disclosed | — | No current external public company directorships listed in NEE proxy |
Board Governance
- Committee assignments: Chair, Finance & Investment; Member, Executive; Member, Governance & Nominating.
- Independence: Board affirmed Porges is independent under NYSE standards and Governance Guidelines.
- Attendance: The Board met six times in 2024; all current directors attended 100% of Board and assigned committee meetings.
- Committee oversight scope relevant to his chair role:
- Finance & Investment: financing plans, dividend policy recommendations, trading/marketing risk oversight, insurance, certain capex, and performance of pension and decommissioning funds.
- Governance & Nominating: board composition/refresh, evaluations, governance policies, shareholder meeting business, political engagement oversight.
- Executive Committee: empowered to act when Board not in session.
Fixed Compensation
| Component | Amount | Details |
|---|---|---|
| Fees earned or paid in cash (2024) | $165,000 | Director annual cash plus committee chair retainer reflected in 2024 fees |
| Equity grant (2024) | $185,555 | 3,240 NEE shares at $57.27 grant-date price (Feb 15, 2024) |
| Total (2024) | $350,555 | Sum of cash and equity grant fair value |
| Program terms (effective 1/1/2025) | Cash retainer $145,000; Equity retainer $185,000 in shares; Lead Director $40,000; Committee Chairs: Audit/Nuclear $25,000; Other committees $20,000 | Structure applicable to 2025 grants and retainers |
- Director stock ownership guideline: Directors must hold NEE shares equal to 7x the cash portion of annual retainer (compliance within six years).
- Meeting fees: Non-employee directors no longer receive per-meeting fees (in place since 2023).
Performance Compensation
- Directors do not receive performance-based pay; equity grants are time-based common stock awards. | Equity Grant Detail | Date | Shares | Grant Price | Grant Value | |---|---|---|---|---| | Annual director grant (2024) | Feb 15, 2024 | 3,240 | $57.27 | $185,555 | | Annual director grant (2025) | Feb 13, 2025 | 2,700 | Closing price on grant date | $185,000 in shares (value set by policy) |
Other Directorships & Interlocks
| Company | Relationship | Overlap/Interlock | Notes |
|---|---|---|---|
| Equitrans Midstream | Former Chairman/Director | None indicated with NEE | Tenure Nov 2018–Dec 2019; Chairman Nov 2018–Jul 2019 |
| EQT Corporation | Former CEO/Chairman/CFO | None indicated with NEE | Leadership roles from 1998–2018 across finance and operations |
- Related-party transactions: No transactions disclosed involving Porges; policy requires Governance & Nominating review of any >$120,000 transactions with related persons.
- Noted related-party for another director (Camaren’s son-in-law employment) underscores disclosure rigor; none for Porges.
Expertise & Qualifications
- More than 20 years in leadership, finance, operations, and M&A in the energy industry; prior CFO and CEO/Chairman roles.
- Capital markets and finance background, including prior investment banking experience focused on energy.
- MBA, Stanford University.
Equity Ownership
| Holder | Shares Owned | Shares Acquirable within 60 Days | Phantom/Deferred Shares | Notes |
|---|---|---|---|---|
| David L. Porges | 43,527 | — | 14,258 | No shares pledged; all directors/NEOs as a group own <1% |
- Ownership guidelines compliance: All directors except those who joined in 2023 (Henry, Stahlkopf) and 2024 (Martha) meet the 7x retainer guideline; Porges meets the guideline.
- Company policy prohibits hedging and margin accounts; anti-pledging policy in place.
Governance Assessment
- Strengths: Independent status; 100% attendance; chairs Finance & Investment Committee with explicit oversight of financing, dividend policy, trading risk, and fiduciary funds—areas material to investor confidence.
- Alignment: Material personal share ownership with guideline compliance; annual equity grants in stock; anti-hedging/anti-pledging policies.
- Board effectiveness signals: Continuous board refresh; rigorous committee self-evaluations; shareholder outreach led by the Lead Director; AI/cyber oversight enhancements (Audit Charter amended in Feb 2025).
- Conflicts/Red flags: No related-party transactions disclosed for Porges; no pledging; director time commitments explicitly addressed in Governance Guidelines—no issues noted.
- Overall: Porges’ deep energy finance and leadership background, combined with his chair role on Finance & Investment, supports robust oversight of capital allocation and risk—positive for board effectiveness and investor confidence.