§42-155-5  Executive compensation. –

Published: 2015

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State Affairs and Government

CHAPTER 42-155

Quasi-Public Corporations Accountability and Transparency Act

SECTION 42-155-5

   § 42-155-5  Executive compensation. –

(a) Each quasi-public corporation shall establish a committee on executive

compensation, comprised solely of board members, that shall:

   (1) Recommend to the full board the compensation packages of

the executive and senior management of the corporation. The compensation

package of the executive officer shall be based on a comprehensive and

objective analysis of comparable compensation of similar officers of state

government, other authorities, quasi-public corporations, and private-sector

employees with similar functions and responsibilities. The committee may retain

a consultant to assist in the comparability study. When calculating

compensation, the committee shall consider the value of the retirement plan in

the overall compensation package;

   (2) Prepare clear, written job descriptions and clear,

written expectations of job performance for the executive officer and senior


   (3) Conduct the job performance review of the executive

officer at least annually; and

   (4) Negotiate the employment contract of the executive

officer which shall be approved by the full board during an open meeting.

History of Section.

(P.L. 2014, ch. 482, § 1; P.L. 2014, ch. 509, § 1.)