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Northeast Utilities chief executive Thomas J. May last year received an increase in salary, stock awards, and cash incentives, but his overall compensation declined from 2012 because of how public companies account for the value of executive pensions.
Under federal rules, companies must report the changes in pension value each year as part of executive compensation. Last year, the value of May’s pension didn’t change after appreciating $1.2 million in 2012. As a result, May’s reported compensation decreased nearly four percent in 2013 to $7.7 million from nearly $8 million in 2012, according to a regulatory filing.