United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1993-10-01 monographic deposited born digital GA 1.13:GGD-94-15 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-94-15 P0b002ee18038748b f:gg94015 DGPO 2010-08-12 2011-03-23 GAOREPORTS-GGD-94-15 machine generated eng fdlp REPORT GAOREPORTS-GGD-94-15 GGD-94-15 Internal controls Federal corporations Executive compensation Salary increases Employee incentives Oversight by Congress Personnel management Budget authority Funds management Merit compensation RTC Executive Bonus Program FDIC Executive Bonus Program Senior Executive Service SES Letter Report GGD Was it reasonable for the Federal Deposit Insurance Corporation (FDIC) and the Resolution Trust Corporation (RTC) to pay sizable bonuses to their executives during 1991 and 1992, especially given the ongoing recession and the decision by other financial regulatory institutions to award much smaller bonuses to top management? GAO concludes that the bonus decisions at FDIC, RTC, and other financial institution agencies are a matter of executive judgment because each has authority to set the compensation of its employees and no law limits the number or amount of bonuses that can be paid to their executives. FDIC's and RTC's bonus programs seemed to generally incorporate the controls required for Senior Executive Service (SES) bonus programs, with two exceptions that relate to establishing formal performance review boards and to setting individual performance plans for each executive at the start of performance periods. The absence of these controls can have some detrimental effects. Given the subjective nature of performance appraisals and the authority of agency heads to make final bonus decisions, however, it would be difficult to conclude that the bonus decisions at FDIC and RTC would have been any different if the controls required in the SES program had been a part of the bonus programs at the two agencies. https://www.govinfo.gov/content/pkg/GAOREPORTS-GGD-94-15/html/GAOREPORTS-GGD-94-15.htm GAO/GGD-94-15 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-94-15 Letter Report GAO/GGD-94-15; Executive Bonuses: Information on FDIC's and RTC's Executive Bonus Programs; Internal controls Federal corporations Executive compensation Salary increases Employee incentives Oversight by Congress Personnel management Budget authority Funds management Merit compensation RTC Executive Bonus Program FDIC Executive Bonus Program Senior Executive Service SES