Blanche Lincoln Elected To Entergy Board (updated)

Arkansas’ recently ousted senior senator still has an election in her – a corporate board election.

Entergy Corp. announced today that former U.S. Senator Blanche Lincoln has been elected to its board of directors.  The Arkansas subsidiary of the New Orleans-based electric utility is Arkansas’ largest electric provider.

“We are pleased to add to the Entergy Board of Directors someone of Senator Lincoln’s intellectual depth and wide range of experiences and accomplishments,” said J. Wayne Leonard, Entergy’s chairman and CEO. “Her leadership in finding common ground and practical solutions for today’s critical economic, environmental, social, and demographic issues made her one of the most respected members of Congress. Her advice and counsel will be invaluable to the board, shareholders and customers as we continue to define the corporation’s role in the evolving world of increased transparency and social responsibility in the pursuit of the public good.”

Lincoln, 50, served two terms as the U.S. senator from Arkansas before her defeat for a third term by John Boozman last year. Lincoln served most recently on the Senate Agriculture and Finance Committees, but she served on the Senate Energy Committee earlier in her career.

“I am very proud and honored to be asked to serve on the board of Entergy Corporation,” said Lincoln in a press release. “During my time in Congress I had the pleasure of working with Entergy as a responsible corporate citizen that brought a problem solving mentality to issues facing my home state. The company has an outstanding legacy in Arkansas dating back to its roots as Arkansas Power and Light. I am excited about this opportunity and look forward to being a productive member of the board.”

Lincoln will be compensated for her board participation. According to the company’s annual proxy statement, Lincoln will be eligible for $1,500 per board meeting (usually quarterly); $1,000 for a committee meeting if she serves on one; $2,000 for committee meetings separate from board meetings; and a quarterly cash retainer equal to the value of 75 shares of Entergy common stock, which opened trading today at $72.22 per share.

If a director only attends a meeting by phone or if a director attends a meeting on which that director doesn’t serve, he or she only receives half of the meeting fee, according to the proxy.

Lincoln will also receive a quarterly grant of 150 shares of common stock, which she can defer or cash in.  And, she could be compensated $1,500 per meeting for any director education programs, orientations or inspection trips made outside of board meetings.

A final perk also includes expense reimbursement for travel related to company business and an exhaustive insurance package and free annual physical.