Amendment 14 - Withdrawn

Amendment ID: S2372-14

Amendment 14

Executive Compensation for Distribution Companies

Messrs. Donnelly, Pacheco and Montigny move to amend the amendment by adding the following sections:-

SECTION XX. Section 1 of Chapter 164 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by inserting after the definition of “Energy Management Services” the following definition:-

“Executive Compensation”, all monetary compensation and economic benefits and perquisites provided to managerial and salaried employees, officers and directors including, but not be limited to: insurance policies and benefits above those provided to regular employees; annuities; bonuses; stock options; deferred compensation; reimbursements for the cost of air travel above coach; use and maintenance of private corporate jets; reimbursements for travel accommodation, meal and entertainment expenses in excess of $100 per day; and the cost of chauffeurs, bodyguards, valets and other personal services provided to the individuals, their spouses and family members.”

SECTION XX. Chapter 164 of the General Laws, as so appearing, is hereby amended by adding the following section:-

Section 94J. (a) Distribution companies, as defined in section 1 of this chapter, shall be required to file annually with the department an itemized list of executive compensation, as defined in said section 1 of this chapter. The itemized list shall be considered a public record under chapter 66 and shall be available upon request.

(b) If the department determines that executive compensation at any distribution company exceeds $750,000 annually, the department shall not allow said distribution company to recover the costs of such executive compensation in excess of $750,000 from customers of that company.