Bill > S509

This bill amends Chapter 167 of the General Laws to require mutual banks, co-operative banks, and credit unions to provide clear and accessible disclosures to their members regarding compensation for their top executives and directors. Specifically, these financial institutions must publish information about all pay awarded to, earned by, or paid to their principal chief executive officer (CEO), principal or chief financial officer (CFO), the three other most highly compensated executive officers, up to two additional individuals who would have been included but for not serving at the end of the fiscal year, and all directors. The commissioner of banks will also issue regulations to ensure full and accurate disclosure of all compensation, whether paid or accrued, and any direct or indirect conflicts of interest.