San Diego-based Sempra Energy said it has entered into a cooperation agreement with affiliates of Elliott Management Corporation (Elliott) and Bluescape Energy Partners LLC (Bluescape) to restructure its board and establish a new committee.

Funds affiliated with Elliott and Bluescape collectively own a 4.9-percent economic interest in Sempra Energy valued at $1.6bn.

As part of the agreement and the ongoing refreshment of the Sempra Energy board, the parties have worked cooperatively together to identify a discrete list of final board nominees and expect to work together for Sempra Energy to announce and appoint two new directors to Sempra Energy’s board that are mutually agreed between the parties in the coming weeks.

Additionally, Sempra Energy will repurpose its board’s current LNG Construction and Technology Committee into a new LNG and Business Development Committee. The new committee will consist of its three current members and, upon appointment to the Sempra Energy board, the two new directors.

The LNG and Business Development Committee’s updated charter calls for it to work with management and the board in leading a comprehensive review of Sempra Energy’s businesses. The charter also allows the committee to retain its own independent consultants and advisors. Sempra Energy intends to update the market on the results to date of the strategic review, including any actions to be taken, in the first quarter of 2019.

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24th September 2018

24th September 2018