David L. Porges
Director at NEE
Board
About 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.