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This entry was published on 2022-04-01
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Additional information in annual reports; disclosure of compensation
Public Service (PBS) CHAPTER 48, ARTICLE 6
§ 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:

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

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.