Compensation to Connecticut utility executives to be disclosed annually
Richard Blumenthal (D)
HARTFORD, Conn. (Legal Newsline) - Executive compensation for all Connecticut public utility company's executives and officers must now be plainly disclosed in a standardized, reader-friendly format, following a request by Attorney General Richard Blumenthal.
The Department of Public Utility Control granted Blumenthal's request, currently being fought against by AT&T and Verizon, and has ordered all utility companies, including phone and cable companies, to submit executive compensation data for 2006 and 2007 by December 31, 2008.
The Department of Public Utility Control's final decision this week approving Blumenthal's request also requires the utility companies to submit all compensation paid to executives and officers annually in a reader friendly format.
AT&T and Verizon are both seeking to stay or stop the order so that they can appeal without disclosure to the court by the deadline.
"This decision removes a cloak of confusion and concealment - compelling all Connecticut utility companies to fully reveal their executive compensation - as we requested," Blumenthal said. "When hundreds of utility employees lose their jobs and consumers suffer declining service and rising rates, the public deserves to know what utility executives are earning for these results."