The Merryville, Ind.-based company paid Robert C. Skaggs Jr. $791,667 in
base salary, up 5.6 percent from the year before.
Skaggs, 54, did not receive a bonus or performance-related cash bonus in
2008 or 2007.
NiSource gave Skaggs stock awards valued at $2.1 million when they were
granted in March 2008, up 55.6 percent from similar awards granted the
Skaggs also received $60,003 in perks, including $8,753 in tax-preparation
service, $17,625 in 401(k) contributions and $33,625 in contributions to a
In 2007, Skaggs received $2.16 million in total compensation.
The APís calculations of total compensation include salary, bonus,
performance-related incentives, perks, any above-market returns on deferred
compensation and the estimated value of stock options and awards granted
during the year. They may vary from totals listed in the summary
compensation table in the companyís proxy filed with the SEC.
According to NiSourceís filing, the compensation committee benchmarks its
executive pay practices against a group of companies that includes TXU
Corp., Duke Energy Corp. and Aquila Inc.
The committee also has established a guideline for Skaggs to own shares
having a value of five times his base salary in order to align his interests
with those of shareholders.
In 2008, NiSource earned $79 million, or 29 cents per share, down from
$321.4 million, or $1.17 per share, a year earlier. Revenue rose to $8.87
billion from $7.87 billion.
Shares fell 42 percent in 2008 to close the year at $10.97.