July 10, 2012
New York Proposes Limiting Executive Compensation of State-Supported Entities
– Broc Romanek, CompensationStandards.com
As noted in this Proskauer memo, pursuant to Executive Order 38 issued by Governor Cuomo, thirteen New York State agencies released very similar proposed regulations on May 16th, placing a limit on the funds that can be used for administrative expenses and executive compensation by entities, both for-profit and not-for-profit, that receive state funds or state-authorized payments to provide services. These regulations are available for comment to July 14th – and are scheduled to become effective on January 1, 2013. Pretty wild stuff…