SEC sides with MGE in shareholder dispute

Saying a group of shareholders is trying to “micromanage” Madison Gas & Electric in its move toward renewable energy, the U.S. Securities and Exchange Commission has ruled in favor of the utility, according to an article in the Wisconsin State Journal.

Four shareholders claimed that MGE took advantage of new corporate-friendly federal guidelines to avoid having to map out a path to clean energy by mid-century, and they submitted a resolution directing the company to draft a plan to eliminate coal and transition to 100 percent renewable energy by 2050.

After MGE objected, the SEC sided with the utility, saying the resolution can be omitted from proxy materials at its annual shareholder meeting.

The shareholders belong to an organization called MGE Shareholders for Clean Energy.