[Federal Register Volume 60, Number 195 (Tuesday, October 10, 1995)]
[Presidential Documents]
[Pages 52829-52830]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 95-25256]
                        Presidential Documents
Federal Register / Vol. 60, No. 195 / Tuesday, October 10, 1995 /
Presidential Documents
[[Page 52829]]
                Executive Order 12976 of October 5, 1995
Compensation Practices of Government Corporations
                By the authority vested in me as President by the
                Constitution and the laws of the United States of
                America, including section 301 of title 3, United
                States Code, and sections 1105, 1108, and 1111 of title
                31, United States Code, it is hereby ordered as
                follows:
                Section 1. Statement of Presidential Principles.
                Government corporations subject to this order should
                not pay bonuses in excess of those authorized by
                sections 4501 through 4507 of title 5, United States
                Code, except as otherwise specifically provided by law.
                Sec. 2. Administration Review. (a) Before taking action
                to approve any bonus in excess of those authorized in
                section 4502 of title 5, United States Code, each
                corporation subject to this section (as provided in
                section 6 of this order) shall submit information to
                the Director of the Office of Management and Budget
                (OMB) relating to such bonuses as provided in
                subsection (b). Such corporation shall refrain from
                approving any such bonus until the Director of OMB has
                had an opportunity to review the information provided
                by the corporation.
                    (b) The Director of OMB shall issue instructions to
                the corporations subject to this section specifying
                when information is to be submitted, and the content
                and form of such information.
                Sec. 3. Information Reporting Requirements. (a)
                Government corporations subject to this order will
                provide information to the Director of OMB relating to
                the compensation practices for senior executives of
                such corporations as provided in subsection (c).
                    (b) Information submitted shall include the
                following with respect to senior executives of each
                corporation subject to this section:
                      (1) the compensation plan, procedures, and
                structure of such corporation;
                      (2) base salary levels, annual bonuses, and other
                compensation; and
                      (3) information supporting the senior executive
                compensation plan and levels.
                    (c) The Director of OMB shall issue instructions to
                the corporations subject to this section specifying
                when information is to be submitted, and the content
                and form of such information.
                Sec. 4. Review. (a) OMB, in consultation with the
                Department of Labor, will review the information
                submitted pursuant to section 3, taking into
                consideration:
                      (1) consistency with statutory requirements;
                      (2) consistency with corporate mission;
                      (3) standards of Federal management and
                efficiency; and
                      (4) equivalent private sector compensation
                practices.
                Sec. 5. Public Dissemination Requirement. Government
                corporations subject to this order shall make available
                through public dissemination the information submitted
                pursuant to section 3 of this order.
[[Page 52830]]
                Sec. 6. Coverage. This order will apply to all mixed-
                ownership and wholly owned corporations listed in
                section 9101 (2) and (3) of title 31, United States
                Code. Section 2 shall apply only to wholly owned
                corporations except such corporations that have
                specific authority to approve bonuses in excess of
                those authorized under sections 4501 through 4507 of
                title 5, United States Code.
                Sec. 7. Administration. All corporations subject to
                this order shall provide any information in the manner
                and form, and at the time, requested pursuant to this
                order by the Director of OMB.
                Sec. 8. This order is intended only to improve the
                internal management of the executive branch and is not
                intended to create any right or benefit, substantive or
                procedural, enforceable at law by a party against the
                United States, its agencies, its officers, or any other
                person.
                    (Presidential Sig.)
                THE WHITE HOUSE,
                    October 5, 1995.
[FR Doc. 95-25256
Filed 10-6-95; 11:34 am]
Billing code 3195-01-P