Oncor Approves $17 Million Payment to Chief Executive

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The board of the Dallas-based utility company Oncor recently authorized a $17 million payment to its chairman and chief executive, Robert Shapard. Three other executives are receiving payments of more than $2.7 million apiece, according to a filing with the Securities and Exchange Commission on Nov. 21, the day before Thanksgiving.

Oncor is responsible for operating a huge network of power lines in North Texas. It is majority owned by Energy Future Holdings, a severely indebted power company, though Oncor has a separate board of majority-independent directors.

The bonuses come under a Stock Appreciation Rights plan set up five ...

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