A petition filed today may force Connecticut’s public utility companies to disclose all compensation paid to their executives and officers.
Attorney General Richard Blumenthal filed the petition, which called on the Department of Public Utility Control to require that companies disclose compensation annually, in a “comprehensive, reader-friendly format.”
The petition was prompted by a proposed Connecticut Light & Power rate increase, which may include about $3 million in supplemental pension benefits for executives. In a statement, Blumenthal said that total compensation to such officers can be large, and that customers often bear most of the cost.
“Even as utility costs spiral out of control, utility executives and officers collect colossal compensation packages – including incentive bonuses that extend well beyond base salaries. Key facts about executive compensation are chopped, buried and scattered throughout public disclosure.” The DPUC has a link for executive compensation on its Web site, but Blumenthal maintains that the information is dated, incomplete, or otherwise shrouded from accurate analysis.
