Bill Text: NY A08780 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to compensation disclosures by certain gas corporations, electric corporations, water-works and steam corporations; defines certain terms relating thereto; changes the effective date to the ninetieth day after it shall have become a law.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-02-07 - substituted by s7816 [A08780 Detail]

Download: New_York-2021-A08780-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8780

                   IN ASSEMBLY

                                    January 12, 2022
                                       ___________

        Introduced by M. of A. THIELE -- read once and referred to the Committee
          on Corporations, Authorities and Commissions

        AN  ACT  to amend the public service law and the public authorities law,
          in relation to requiring a  compensation  statement  to  be  filed  by
          certain gas corporations, electric corporations, water-works and steam
          corporations;  and to amend a chapter of the laws of 2021 amending the
          public service law and the public authorities law relating to  requir-
          ing  a compensation statement to be filed by certain gas corporations,
          electric corporations, water-works corporations and service providers,
          as proposed in legislative bills numbers S. 1544-A  and  A.  4403,  in
          relation to the effectiveness thereof

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 111-a of the public service  law,  as  added  by  a
     2  chapter  of  the  laws  of  2021 amending the public service law and the
     3  public authorities law relating to requiring a compensation statement to
     4  be filed by certain gas corporations, electric corporations, water-works
     5  corporations and service providers, as  proposed  in  legislative  bills
     6  numbers S. 1544-A and A. 4403, is amended to read as follows:
     7    §  111-a.  Additional  information  in  annual  reports; disclosure of
     8  compensation. 1. [Any]  Every  gas  corporation,  electric  corporation,
     9  steam corporation, and water-works corporation whose rates are regulated
    10  by  the commission, [or service provider with] and having a gross annual
    11  operating revenue of more than one million  dollars  shall  prepare  and
    12  [file]  include  in  its annual report filed with the department[, on or
    13  before October thirty-first of  each  year,]  a  compensation  statement
    14  showing for the preceding calendar year:
    15    a.  the names, titles, and duties of all executive officers and direc-
    16  tors and the compensation received by each such executive officer[.  For
    17  purposes  of  this  section  "executive officer" includes the president,
    18  secretary, treasurer, and vice president in charge of a principal  busi-
    19  ness unit, division or function of such gas corporation, electric corpo-
    20  ration,  water-works corporation or service provider; or any other offi-
    21  cer who performs a policy making  function,  or  any  other  person  who

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01236-06-2
        A. 8780                             2

     1  performs similar policy making functions for such gas corporation, elec-
     2  tric  corporation,  water-works  corporation,  or  service  provider who
     3  receives a compensation at the rate of one hundred twenty-five  thousand
     4  dollars or more per annum] and director; and
     5    b.  the  estimated  proportion of the compensation disclosed in [para-
     6  graph a of] accordance with this subdivision, that is paid, directly  or
     7  indirectly,  by  the ratepayers to the extent such proportion is reason-
     8  ably calculable.
     9    2. [Any gas  corporation,  electric  corporation,  water-works  corpo-
    10  ration,  or  service  provider  with a gross annual operating revenue of
    11  more than one million dollars shall provide a compensation statement for
    12  six years preceding the effective date  of  this  section.  Such  report
    13  shall  contain  the  information  specified  in  subdivision one of this
    14  section] For purposes of this section:
    15    a. "Compensation" means salary, deferred compensation, incentive  pay,
    16  stock options, life insurance premiums and any change in actuarial value
    17  of accumulated pension benefits for the reporting period.
    18    b.  "Executive officer" means the president, secretary, treasurer, and
    19  vice president in charge of a principal business unit, division or func-
    20  tion of such gas corporation, electric corporation,  water-works  corpo-
    21  ration  or steam corporation, and any other officer who performs similar
    22  policy-making functions for such gas corporation, electric  corporation,
    23  water-works  corporation,  or steam corporation and who receives compen-
    24  sation at the rate of one hundred seventy-five thousand dollars or  more
    25  per annum.
    26    3.  The compensation statement for each such gas corporation, electric
    27  corporation, steam corporation and water-works corporation  [or  service
    28  provider]  shall  be made publicly available on the department's website
    29  not later than thirty days after the date of the filing  of  the  annual
    30  report required by subdivision one of this section. The department shall
    31  post  a  compensation  statement  for  the Long Island power authority's
    32  service provider containing the information listed in subdivision one of
    33  this section annually on or before May first of each year.  The  depart-
    34  ment is authorized to request and collect any information necessary from
    35  the   service   provider   to  comply  with  the  requirements  of  this
    36  subdivision.
    37    § 2. Subdivision (ii) of section 1020-f of the public authorities law,
    38  as added by a chapter of the laws of 2021 amending  the  public  service
    39  law  and the public authorities law relating to requiring a compensation
    40  statement to be filed  by  certain  gas  corporations,  electric  corpo-
    41  rations,  water-works corporations and service providers, as proposed in
    42  legislative bills numbers S. 1544-A and A. 4403, is amended to  read  as
    43  follows:
    44    (ii) The [authority and the] service provider shall assist and cooper-
    45  ate  with the department of public service with respect to providing any
    46  data or information necessary for the department to [comply with] post a
    47  compensation statement for  the  service  provider  in  accordance  with
    48  subdivision  three of section one hundred eleven-a of the public service
    49  law.
    50    § 3. Section three of a chapter of  the  laws  of  2021  amending  the
    51  public  service law and the public authorities law relating to requiring
    52  a compensation statement to be filed by certain gas corporations,  elec-
    53  tric  corporations,  water-works  corporations and service providers, as
    54  proposed in legislative bills numbers S. 1544-A and A. 4403, is  amended
    55  to read as follows:
        A. 8780                             3

     1    §  3.  This  act  shall take effect [immediately] on the ninetieth day
     2  after it shall have become a law.
     3    §  4.  This  act shall take effect immediately; provided however, that
     4  sections one and two of this act shall take effect on the same date  and
     5  in  the same manner as a chapter of the laws of 2021 amending the public
     6  service law and the public  authorities  law  relating  to  requiring  a
     7  compensation statement to be filed by certain gas corporations, electric
     8  corporations,   water-works   corporations  and  service  providers,  as
     9  proposed in legislative bills numbers  S.  1544-A  and  A.  4403,  takes
    10  effect.