Briefly: New bill aims to cap executives’ salaries at $150K

Connecticut Attorney General Richard Blumenthal LAW ’73 testified today on exorbitant salaries for state utility company executives. Blumenthal proposed legislation to cap such compensation at twice the salary paid to the governor — currently $150,000. In 2007, CEO Wesley von Shack of Energy East — the parent company of Connecticut Natural Gas and Southern Connecticut Gas Company — was the highest paid, with $10.24 million in compensation. Blumenthal argued that excess compensation be paid by shareholders, not ratepayers. According to the Attorney General’s office, the $300,000 cap would include all forms of compensation, not just salaries.

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