Prohibits foreign ownership of gas and electric corporations in New York and regulates executive compensation.
This bill amends the public service law to prohibit any gas or electric corporation from being owned, controlled, or operated by a foreign entity. Corporations currently in violation must submit a divestiture plan to the commission within 36 months. Additionally, the bill regulates executive compensation by limiting annual bonuses and incentive-based compensation to no more than 25% of the median annual salary of non-executive employees.
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