CMS Energy Chief Got $4.2M In 2008 Compensation

The company said it aims to link compensation with rewarding measurable results, competitively attracting talent, providing a fair package and increasing shareholder value.

For the full-year 2008, CMS Energy said its profit, after paying preferred dividends, rose to $289 million, or $1.23 per share, from a loss of $227 million, or $1.02 per share, in 2007. Excluding nonrecurring items, adjusted earnings totaled $293 million, or $1.25 per share. 2007 results include $428 million in losses related to the sale of international assets and charges from restructuring some electric supply agreements. Revenue for 2008 rose 6 percent to $6.82 billion.

Over the course of 2008, shares of CMS Energy fell about 42 percent to close the year at $10.11. They ended Monday's session at $12.07.

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 past 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.