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03.06.2008 10:13 am

Ameren pays Rainwater $4.7 million

St. Louis Post-Dispatch

Ameren Chief Executive Gary Rainwater got total compensation of $4.7 million last year, the company discloses in a proxy statement filed with the SEC.

His base salary of $900,000 was unchanged from 2006, but his bonus of $696,000 was more than double the previous year’s amount. Rainwater also got shares worth $2.8 million and pension and deferred compensation benefits worth $319,132. (Ameren paid 8.39 percent interest last year on its deferred compensation plan, and the IRS considers anything above 5.36 percent to be “above market.”)

In the event of a change in control, Ameren discloses, Rainwater is entitled to a total of $11.4 million. That includes three years’ worth of salary and incentive payments, worth $5.9 million, and tax gross-ups worth $4.6 million.

Also in the proxy statement,  a shareholder has submitted a proposal that would require Ameren’s annual reports to include information about releases of radioactive material from the Callaway nuclear plant. Ameren’s board opposes the proposal, saying the information already is readily available. Shareholders will vote on the proposal at the annual meeting April 22. 

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