Budget Amendment ID: FY2012-S3-204.2-R1

Redraft Further ECO 204.2

PUBLIC CHARITY EXECUTIVE  COMPENSATION

Mr. Montigny moved that the amendment be amended by striking out the text and inserting in place thereof the following text:-

SECTION____.  Notwithstanding any general or special law to the contrary the attorney general may review the compensation of any officer, director or senior manager acting in an executive capacity of a public charity required to be registered under section 8E and to file annual reports under section 8F to consider the appropriate compensation levels given the nature and mission of the public charity.  In so doing, the attorney general may examine the compensation standards of not-for-profit public charities, both within the commonwealth and nationwide.  For the purposes of this section, compensation shall include salary, bonus payments, incentive payments, deferred compensation, severance payments, below market rate loans, and the lease or rental of real estate, personal property or any vehicle.  The attorney general shall report the findings of this review, which may include recommendations about excessive compensation, to the clerks of the senate and house of representatives of the great and general court by December 31, 2011.