§ 111-A — Additional information in annual reports; disclosure of compensation

New York § 111-A

• Jurisdiction: New York
• Law PBS: Public Service
• Art. 6: Provisions Affecting Two or More Kinds of the Public Service and the Persons and Corporations Furnishing Such Service

Text

§ 111-a. Additional information in annual reports; disclosure of\ncompensation. 1. Every gas corporation, electric corporation, steam\ncorporation, and water-works corporation whose rates are regulated by\nthe commission, and having a gross annual operating revenue of more than\none million dollars shall prepare and include in its annual report filed\nwith the department a compensation statement showing for the preceding\ncalendar year:\n a. the names, titles, and duties of all executive officers and\ndirectors and the compensation received by each such executive officer\nand director; and\n b. the estimated proportion of the compensation disclosed in\naccordance with this subdivision, that is paid, directly or indirectly,\nby the ratepayers to the extent such proportion is reasonably\ncalculable.\n 2. For purposes of this section:\n a. "Compensation" means salary, deferred compensation, incentive pay,\nstock options, life insurance premiums and any change in actuarial value\nof accumulated pension benefits for the reporting period.\n b. "Executive officer" means the president, secretary, treasurer, and\nvice president in charge of a principal business unit, division or\nfunction of such gas corporation, electric corporation, water-works\ncorporation or steam corporation, and any other officer who performs\nsimilar policy-making functions for such gas corporation, electric\ncorporation, water-works corporation, or steam corporation and who\nreceives compensation at the rate of one hundred seventy-five thousand\ndollars or more per annum.\n 3. The compensation statement for each such gas corporation, electric\ncorporation, steam corporation and water-works corporation shall be made\npublicly available on the department's website not later than thirty\ndays after the date of the filing of the annual report required by\nsubdivision one of this section. The department shall post a\ncompensation statement for the Long Island power authority's service\nprovider containing the information listed in subdivision one of this\nsection annually on or before May first of each year. The department is\nauthorized to request and collect any information necessary from the\nservice provider to comply with the requirements of this subdivision.\n