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HOUSE DOCKET, NO. 3693         FILED ON: 6/6/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3694

 

The Commonwealth of Massachusetts

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PRESENTED BY:

Robert F. Fennell, (BY REQUEST)

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
              Court assembled:

              The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act requiring nonprofits to disclose compensation information.

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PETITION OF:

 

Name:

District/Address:

Mr. James Arcand

Beverly, Massachusetts


HOUSE DOCKET, NO. 3693        FILED ON: 6/6/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3694

By Mr. Fennell of Lynn (by request), a petition (subject to Joint Rule 12) of Mr. James Arcand for legislation to require nonprofits to disclose compensation information.  Financial Services. 


The Commonwealth of Massachusetts
 

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In the Year Two Thousand Thirteen

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An Act requiring nonprofits to disclose compensation information.
 

              Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

              SECTION 1. Subsection 1 of section 26A of said chapter 180, as appearing in the 2010 official edition, is hereby amended by inserting after the word “meeting”, in line 12, the following words:- ; the names and annual compensation of any highly compensated employees as defined in section 26C.

              SECTION 2. Said chapter 180 is hereby amended by inserting after section 26B the following section:-

              26C. (a) “Highly compensated employee”, any director, member or employee, that annually receives $100,000 or more in income or income in-kind, including the use of a company car, from the corporation.

              “Highly compensated former employee”, any former, retired or consulting director, member or employee that annually receives $100,000 or more in income or income in-kind, including the use of a company car, from the corporation.

              “Solicitations”, any mailings, including electronic mailings, postcards, fliers, pamphlets or television advertisements seeking donations or compensation in exchange for services or goods.

              (b) A corporation shall display the annual compensation of any highly compensated employee on its website and upon any solicitations and shall list such information in its annual certificate filed pursuant to subsection 1 of section 26A. The heading of the webpage shall contain in large, clearly visible letters, the words: “Highly Compensated Individuals at”, followed by the name of the corporation. For any highly compensated former employees, the corporation shall list the hours worked per week, where the former employee works and whether or not the former employee is a relative by blood or marriage to any other highly compensated individual.

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