HF 4132

as introduced - 91st Legislature (2019 - 2020) Posted on 03/04/2020 03:39pm

A bill for an act
relating to health care costs; setting limits on certain executive salaries; proposing
coding for new law in Minnesota Statutes, chapter 62J.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [62J.053] SALARY LIMITS ON EXECUTIVE PAY.
new text end

new text begin (a) Health care companies and health care provider organizations with a principal place
of business in Minnesota shall pay the health care companies' and health care provider
organizations' senior executives a salary not to exceed the base salary of the president of
the United States of America. This provision is not intended to limit any stock options,
bonus incentives, or other benefits offered by the company or organization.
new text end

new text begin (b) For purposes of this section, principal place of business means the place where a
corporation's officers and executives direct, control, and coordinate the companies' activities.
new text end