Massachusetts General Laws Part I. Administration of the Government (Ch. 1-182) Ch. 175, § 35

No domestic company shall pay any salary or compensation to its five most highly compensated officers, trustees or directors or to any additional officers, trustees or directors whose salary or compensation exceeds $150,000, unless such payment is first authorized by a vote of its board of directors, trustees or a committee thereof. The payment of an amount not in excess of 12.5 per cent of any annual salary, compensation or emolument, or a larger percentage if approved by the commissioner, may by contract be deferred beyond three years. No company shall pay any pension except as provided in section 36.