commission

1. The fee levied by an agent for services provided on behalf of a customer. For example, an investor will pay a commission to a broker in order to buy or sell shares of stock. Commissions can be a fixed amount or a percentage of the value of a transaction. See also contingent commission, factorage.
2. An appointed or elected group that has been granted authority to consider certain issues or make certain decisions. For example, a state public service commission may have the authority to set electric rates for businesses and residential consumers.