N.Y. Public Service Law 111-A – Additional information in annual reports; disclosure of compensation
§ 111-a. Additional information in annual reports; disclosure of compensation. 1. Every gas corporation, electric corporation, steam corporation, and water-works corporation whose rates are regulated by the commission, and having a gross annual operating revenue of more than one million dollars shall prepare and include in its annual report filed with the department a compensation statement showing for the preceding calendar year:
Terms Used In N.Y. Public Service Law 111-A
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
a. the names, titles, and duties of all executive officers and directors and the compensation received by each such executive officer and director; and
b. the estimated proportion of the compensation disclosed in accordance with this subdivision, that is paid, directly or indirectly, by the ratepayers to the extent such proportion is reasonably calculable.
2. For purposes of this section:
a. "Compensation" means salary, deferred compensation, incentive pay, stock options, life insurance premiums and any change in actuarial value of accumulated pension benefits for the reporting period.
b. "Executive officer" means the president, secretary, treasurer, and vice president in charge of a principal business unit, division or function of such gas corporation, electric corporation, water-works corporation or steam corporation, and any other officer who performs similar policy-making functions for such gas corporation, electric corporation, water-works corporation, or steam corporation and who receives compensation at the rate of one hundred seventy-five thousand dollars or more per annum.
3. The compensation statement for each such gas corporation, electric corporation, steam corporation and water-works corporation shall be made publicly available on the department's website not later than thirty days after the date of the filing of the annual report required by subdivision one of this section. The department shall post a compensation statement for the Long Island power authority's service provider containing the information listed in subdivision one of this section annually on or before May first of each year. The department is authorized to request and collect any information necessary from the service provider to comply with the requirements of this subdivision.