Massachusetts Attorney General Martha Coakley on Thursday called on the Securities and Exchange Commission to eliminate a reporting technicality that allowed Northeast Utilities to withhold a full accounting of chief executive Thomas J. May’s pay in 2012.
May led NStar until early April, when the Boston utility merged with Northeast Utilities of Hartford and May became chief executive of the combined company. Since NStar no longer exists as its own public company, SEC rules say the company need not disclose what May earned in his last three months at NStar, including any bonuses or the millions in accelerated stock awards he was expected to receive as a result of the merger.
Comments
"More regulation" as all these Massachusett pols and lawyers are calling for is the currenty the low hanging fruit they area all grabbing for. However, for those of us that travel on business throughout the US and around the world see a very different business climate. Some states actually welcome business and have policies that encourage jobs. Coakley, Murray and others show how ignorant our state leaders are. Maybe they need to get on a plane and open thier eyes .For example, go to Austin Texas, an economy similiar to Mass( tech,universities., and put yourself in the position of a business owner and ask yourself where you would rather operate ?
You won't find an AG and Senate President trying to demean and prosecute you. They actually try to HELP you. They thank you for bringing jobs to their state.
Good luck living in Texas, my friend. I'll admit that on a cold, snowy, wet day like today, it sounds appealing. June-September, not so much. And yes, it is too bad that not everyone can go to UT Austin, and have to settle for MIT or Harvard.
How about we demand the pay records of all public hacks - I mean employee's...
How many more of the Chelsea Housing Authority guys are there out there? Thousands...
Call Northeast Utilities and ask for Mr. May: 800 286 5000
Atta girl Martha, go after the "easy" pickings of public companies while the BILLIONS of waste that is Mass. state govenment gets a free pass. Oh well, when you're in the "club" I guess you don't dime out fellow "members". Where are you on the Lawrence situation? Where were you on the Chelsea situation? Where were you on the probation dept. situation? Chasing the EASY headlines that's where, and I guess it hasn't changed much lately.
I agree with you, but that shouldn't negate the need for May's salary to be released. Utilities are continuasly filing with the States' oversight boards for siting options, public project approvals, tarrif and billing adjustments and increases. Not to mention this was a merger that comes very close to monopolizing the local market. Basic information that should not be withheld.
Mr. May made more that $9 million in 2011 as CEO of what is, essentially, a regulated monopoly? Absurd! My grandmother could manage NStar and she's been dead for 20 years.
With Martha, it always seems to be about generating publicity for herself. And this is no different; If May is not required to disclose his salary, why is Martha alerting the press, other than to aggrandize herself? One day, hopefully not too far in the future, we will be rid of the preening Marth.
Hmmm, I see some problems in this story that should concern all of us. However, I can't find fault with Martha Coakley on this one. Why did Governor Patrick have no comment?