The commission shall hold not less than one duly noticed public hearing in the proceeding. (d) As part of the proceeding to consider the application, the commission shall consider the costs to ratepayers of the triggering event. (4) Any additional information required by the commission. (3) Whether any of the compensation paid to an officer was previously included or proposed to be included in rates and any justification for the proposed compensation. (2) The proposed compensation to be paid to the officer, including the compensation recovered from ratepayers and that paid solely by shareholders of the utility. (1) The compensation history for the officer. (c) Any time within a five-year period following a triggering event and prior to paying or seeking recovery of excess compensation, an electrical corporation or gas corporation shall file an application with the commission that, with respect to any officer to whom it seeks to pay excess compensation, includes all of the following:

(b) For a five-year period following a triggering event, no electrical corporation or gas corporation shall recover expenses for excess compensation from ratepayers unless the utility complies with the requirements of this section and obtains the approval of the commission pursuant to this section. (2) A “triggering event” occurs if, after January 1, 2013, an electrical corporation or gas corporation violates a federal or state safety regulation with respect to the plant and facility of the utility and, as a proximate cause of that violation, ratepayers incur a financial responsibility in excess of five million dollars ($5,000,000). (1) “Excess compensation” means any annual salary, bonus, benefits, or other consideration of any value, paid to an officer of an electrical corporation or gas corporation that is in excess of one million dollars ($1,000,000). (a) For purposes of this section, the following terms have the following meanings:

Public utilities code 709.5