About the Board of Directors

The Board of Directors may determine a director to be independent if the Board of Directors has affirmatively determined that the director has no material relationship with Duke Energy or its subsidiaries (references in this proxy statement to Duke Energy’s subsidiaries shall mean its consolidated subsidiaries), either directly or as a shareholder, director, officer or employee of an organization that has a relationship with Duke Energy or its subsidiaries. Independence determinations are generally made on an annual basis at the time the Board of Directors approves director nominees for inclusion in the annual proxy statement and, if a director joins the Board of Directors in the interim, at such time.

The Board of Directors has determined that none of the directors, other than Ms. Good, have a material relationship with Duke Energy or its subsidiaries, and all are, therefore, independent under the listing standards of the NYSE and the rules and regulations of the SEC. In arriving at this determination, the Board of Directors considered all transactions and the materiality of any relationship with Duke Energy and its subsidiaries in light of all facts and circumstances.

The Board also considers its Standards for Assessing Director Independence, which set forth certain relationships between Duke Energy and directors and their immediate family members, or affiliated entities, that the Board, in its judgment, has deemed to be material or immaterial for purposes of assessing a director’s independence. In the event a director has a relationship with Duke Energy that is not addressed in the Standards for Assessing Director Independence, the independent members of the Board determine whether such relationship is material.

Annual Retainer and Fees

Effective May 4, 2017, the compensation paid to our outside directs will consist of:

Type of Fee Fee
Annual Board Retainer (Cash) $125,000
Additional Annual Board Retainer (Cash) (up to one)
If director meets one or more of the following during the calendar year:
  • Serves as a member of a special committee
  • Attends (in person) more than two off-site committee meetings (excluding the annual Board retreat)
  • Attends more than thirty (30) meetings of the Board and its regular standing committees
Annual Board Retainer (Stock) $160,000
Annual non-executive Chairman of the Board Retainer, if applicable $100,000
Annual Lead Director Retainer, if applicable $40,000
Annual Audit Committee Chair Retainer $25,000
Annual Compensation Committee Chair/Nuclear Oversight Committee Chair Retainer $20,000
Annual Committee Chair Retainer (Other Committees) $15,000
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