Opinion: McCrory's stock holdings in Duke threaten public's trust

R esidents of North Carolina deserve a government that makes decisions in their best interests, not one that maximizes dividends and returns on investment.

Last week, it was revealed that Gov. Pat McCrory had sold his shares in Duke Energy later than had been previously disclosed.

Though McCrory did not break the law by owning shares in Duke Energy, elected officials should not own private stock in publicly held monopolies.

By nature, Duke Energy’s monopoly requires oversight by the Utilities Commission. But lately, Duke customers haven’t felt very well-served by the energy company.

Yesterday, Duke Energy was again let off the hook for rate increases by the North Carolina Supreme Court , much to the chagrin of protesters who cited the already dire financial circumstances of many energy customers.

The state legislature passed the Coal Ash Management Act Wednesday, which provides a moratorium on another rate increase to offset coal ash cleanup costs only until Jan. 15, 2015.

The shareholding controversy is not the first time the tie between McCrory and Duke Energy has raised concerns. McCrory, a Duke Energy employee for more than 28 years, had already overstepped his bounds in July when he demanded to appoint all nine members of the Coal Ash Management Commission.

Thankfully, the Coal Ash Management Act allowed the governor only three appointees.

It is concerning that instead of focusing on the issues at hand — namely, providing affordable energy and cleaning up environmental disasters — McCrory is focusing on what branch of government has the authority to appoint the oversight of a company in whose success he had a vested interest.

According to the Associated Press, McCrory spokesman Josh Ellis said McCrory sold his stocks in Duke Energy between April 9 and April 14, two months after the environmentally destructive Dan River coal ash spill.

On his website, the governor commits to “holding polluters that break the law accountable.” While this claim sounds noble, it is not credible if McCrory has invested his own capital in the companies he claims to be regulating.

If elected officials were prevented from owning stock in publicly held monopolies, North Carolinians could be confident that they were being put before profits.

Regardless of whether such a law comes to fruition, if McCrory and others in elected positions continue to make decisions outside of the realm of the public good, voters will have an easier choice to make at the polls this fall.