§42-155-5  Executive compensation. –


Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Get a Day Pass for only USD$49.99.
TITLE 42

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

management;



   (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.)