S T A T E O F N E W Y O R K
________________________________________________________________________
7816
I N S E N A T E
January 12, 2022
___________
Introduced by Sen. KAMINSKY -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
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:
Section 1. Section 111-a of the public service law, as added by a
chapter of the laws of 2021 amending the public service law and the
public authorities law relating to requiring 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, is amended to read as follows:
§ 111-a. Additional information in annual reports; disclosure of
compensation. 1. [Any] EVERY gas corporation, electric corporation,
STEAM CORPORATION, AND water-works corporation WHOSE RATES ARE REGULATED
BY THE COMMISSION, [or service provider with] AND HAVING a gross annual
operating revenue of more than one million dollars shall prepare and
[file] INCLUDE IN ITS ANNUAL REPORT FILED with the department[, on or
before October thirty-first of each year,] a compensation statement
showing for the preceding calendar year:
a. the names, titles, and duties of all executive officers and DIREC-
TORS AND the compensation received by each such executive officer[. For
purposes of this section "executive officer" includes the president,
secretary, treasurer, and vice president in charge of a principal busi-
ness unit, division or function of such gas corporation, electric corpo-
ration, water-works corporation or service provider; or any other offi-
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
S. 7816 2
performs similar policy making functions for such gas corporation, elec-
tric corporation, water-works corporation, or service provider who
receives a compensation at the rate of one hundred twenty-five thousand
dollars or more per annum] AND DIRECTOR; and
b. the ESTIMATED proportion of the compensation disclosed in [para-
graph a of] ACCORDANCE WITH this subdivision, that is paid, directly or
indirectly, by the ratepayers TO THE EXTENT SUCH PROPORTION IS REASON-
ABLY CALCULABLE.
2. [Any gas corporation, electric corporation, water-works corpo-
ration, or service provider with a gross annual operating revenue of
more than one million dollars shall provide a compensation statement for
six years preceding the effective date of this section. Such report
shall contain the information specified in subdivision one of this
section] 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 FUNC-
TION OF SUCH GAS CORPORATION, ELECTRIC CORPORATION, WATER-WORKS CORPO-
RATION 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 COMPEN-
SATION 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 [or service
provider] 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 DEPART-
MENT IS AUTHORIZED TO REQUEST AND COLLECT ANY INFORMATION NECESSARY FROM
THE SERVICE PROVIDER TO COMPLY WITH THE REQUIREMENTS OF THIS
SUBDIVISION.
§ 2. Subdivision (ii) of section 1020-f of the public authorities law,
as added by a chapter of the laws of 2021 amending the public service
law and the public authorities law relating to requiring a compensation
statement to be filed by certain gas corporations, electric corpo-
rations, water-works corporations and service providers, as proposed in
legislative bills numbers S. 1544-A and A. 4403, is amended to read as
follows:
(ii) The [authority and the] service provider shall assist and cooper-
ate with the department of public service with respect to providing any
data or information necessary FOR THE DEPARTMENT to [comply with] POST A
COMPENSATION STATEMENT FOR THE SERVICE PROVIDER IN ACCORDANCE WITH
SUBDIVISION THREE OF section one hundred eleven-a of the public service
law.
§ 3. Section three of a chapter of the laws of 2021 amending the
public service law and the public authorities law relating to requiring
a compensation statement to be filed by certain gas corporations, elec-
tric corporations, water-works corporations and service providers, as
proposed in legislative bills numbers S. 1544-A and A. 4403, is amended
to read as follows:
S. 7816 3
§ 3. This act shall take effect [immediately] ON THE NINETIETH DAY
AFTER IT SHALL HAVE BECOME A LAW.
§ 4. This act shall take effect immediately; provided however, that
sections one and two of this act shall take effect on the same date and
in the same manner as a chapter of the laws of 2021 amending the public
service law and the public authorities law relating to requiring 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, takes
effect.