PPL Chief's Compensation Slips 3.6 Percent In 2008

In 2007, Miller received total compensation of $5.8 million.

The Associated Press compensation formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.

According to PPL's filing, the compensation committee has established a guideline for Miller to own shares having a value of five times his base salary in order to align his interests with those of shareholders.

PPL reported 2008 earnings of $930 million, or $2.47 per share, down from $1.29 billion, or $3.35 per share, the previous year. Revenue grew 24 percent to $8.04 billion, though utility revenue stayed flat at $4.11 billion.