[Federal Register Volume 60, Number 195 (Tuesday, October 10, 1995)]
[Presidential Documents]
[Pages 52829-52830]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25256]



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  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