December 7, 2015

Katie McGinty’s Erroneous Disclosure Form Reveals Big Board Payday

Pennsylvania senate candidate Katie McGinty had to file a correction to her personal financial disclosure form late Friday – even after recieving a 90-day extension – amid questions from the press about what appeared to be simultaneous positions on the Board of Directors of energy company Iberdrola Networks and as Chief of Staff to Governor Tom Wolf.
The Philadelphia Inquirer reported:

Her form, which the Democratic Senate candidate filed earlier this week, seemed to show that she was a director at the energy firm Iberdrola at the same time as she served as Gov. Wolf’s chief-of-staff – but her campaign said that the form is mistaken, and that the two jobs did not overlap.

However, McGinty’s corrected form raises more questions than it answers about her ties to Iberdrola and potential conflicts of interest. The updated report revealed that she resigned her position on Iberdrola’s board just 48 hours before officially becoming Chief of Staff:

McGinty resigned from the wind energy and natural gas company Jan. 18, two days before joining the state payroll as Wolf’s top aide, said McGinty spokeswoman Sabrina Singh.

And that Iberdrola paid McGinty a whopping $25,000 for serving just 18 days in the position in 2015:

McGinty, who was paid quarterly, made $100,000 from Iberdrola in 2014 and $25,000 in 2015, according to her campaign. Her last payment arrived Jan. 14, four days before her resignation. She left the governor’s office in July ahead of launching her Senate bid.

McGinty has already come under fire for taking lucrative roles at energy companies after serving as Gov. Ed Rendell’s top official overseeing the energy industry. The Pittsburgh Post-Gazette reported on McGinty’s payouts from energy firms last month, before her financial disclosure was public:

In October 2008, Ms. McGinty took a board position with NRG Energy, an increasingly green-focused power provider with natural-gas, coal, wind and other energy facilities across the state. Between 2008 and 2013, when Ms. McGinty left the board, she received $1.1 million in cash and stock awards, SEC filings show.

Ms. McGinty also took a board position at Iberdrola USA in 2009. The wind-energy and natural gas firm had previously acquired Community Energy, a renewable-energy developer from which the state purchased power. The two firms parted ways in 2009, but in 2010, Iberdrola received a $10 million federal stimulus grant though the state, to help build a Fayette County wind farm. Ms. McGinty would say only that she earned “the same as all the board members made” at Iberdrola, a privately held subsidiary of a Spanish firm that does not publicly report such compensation.

It appears the “revolving door” kept on revolving for McGinty.