Assemblyman Fred W. Thiele, Jr. (I-Sag Harbor) today announced that legislation he sponsors with Senator Todd Kaminsky (D-Long Beach) to require gas corporations, electric corporations, water-work corporations, and service providers to submit annual disclosures of top executive salaries to the Department of Public Service, was signed into law by Governor Kathy Hochul as Chapter #826 of the Laws of 2021.

Ratepayers across the state rely on public utility companies and service providers to deliver crucial services to their homes and businesses. New York State is charged with regulating these companies. Until now, New Yorkers were kept in the dark about how their money, paid through monthly billing, is spent to compensate top executives with salaries and bonuses. On October 31^st of each year, providers will now be required to submit a compensation statement for their executive officers and policymakers that will be made publicly available on the Department of Public Service website.

“Ratepayers have every right to expect honesty and transparency from utility companies and service providers,” said Assemblymember Thiele. “On Long Island, customers are paying some of the highest bills in the state to PSEG and must be able to know how their money is being spent to improve the services they receive. With this legislation now chaptered, corporations and the procedures they use to set executive salary rates will be held to a higher standard under the public’s scrutiny. I am thankful to Senator Todd Kaminsky for sponsoring this legislation in the Senate and am glad to see this legislation to promote public oversight now in statute.”