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.)