16 U.S. Code § 831a - Membership, operation, and duties of the Board of Directors
The Board of Directors of the Corporation (referred to in this chapter as the “Board”) shall be composed of 9 members appointed by the President by and with the advice and consent of the Senate, at least 7 of whom shall be a legal resident of the service area of the Corporation.
To be eligible to be appointed as a member of the Board, an individual—
(2) shall have management expertise relative to a large for-profit or nonprofit corporate, government, or academic structure;
(4) shall make full disclosure to Congress of any investment or other financial interest that the individual holds in the energy industry; and
In appointing members of the Board, the President shall—
(1) consider recommendations from such public officials as—
(C) business, industrial, labor, electric power distribution, environmental, civic, and service organizations; and
(1) In general
A member of the Board shall serve a term of 5 years. A member of the Board whose term has expired may continue to serve after the member’s term has expired until the date on which a successor takes office, except that the member shall not serve beyond the end of the session of Congress in which the term of the member expires.
(1) In general
Five of the members of the Board shall constitute a quorum for the transaction of business.
(1) In general
A member of the Board shall be entitled to receive—
(A) a stipend of—
(1) In general
The Board shall—
(A) establish the broad goals, objectives, and policies of the Corporation that are appropriate to carry out this chapter;
(B) develop long-range plans to guide the Corporation in achieving the goals, objectives, and policies of the Corporation and provide assistance to the chief executive officer to achieve those goals, objectives, and policies;
(E) adopt and submit to Congress a conflict-of-interest policy applicable to members of the Board and employees of the Corporation;
(F) establish a compensation plan for employees of the Corporation in accordance with subsection (i) of this section;
(G) approve all compensation (including salary or any other pay, bonuses, benefits, incentives, and any other form of remuneration) of all managers and technical personnel that report directly to the chief executive officer (including any adjustment to compensation);
(H) ensure that all activities of the Corporation are carried out in compliance with applicable law;
(I) create an audit committee, composed solely of Board members independent of the management of the Corporation, which shall—
(i) in consultation with the inspector general of the Corporation, recommend to the Board an external auditor;
(ii) receive and review reports from the external auditor of the Corporation and inspector general of the Corporation; and
(K) conduct such public hearings as it deems appropriate on issues that could have a substantial effect on—
(h) Chief executive officer
The Board shall appoint a person to serve as chief executive officer of the Corporation.
(A) In general
To serve as chief executive officer of the Corporation, a person—
(ii) shall not be a current member of the Board or have served as a member of the Board within 2 years before being appointed chief executive officer; and
(i) Compensation plan
(1) In general
The Board shall approve a compensation plan that specifies all compensation (including salary or any other pay, bonuses, benefits, incentives, and any other form of remuneration) for the chief executive officer and employees of the Corporation.
(2) Annual survey
The compensation plan shall be based on an annual survey of the prevailing compensation for similar positions in private industry, including engineering and electric utility companies, publicly owned electric utilities, and Federal, State, and local governments.
The compensation plan shall provide that education, experience, level of responsibility, geographic differences, and retention and recruitment needs will be taken into account in determining compensation of employees.
(4) Positions at or below level IV
Source(May 18, 1933, ch. 32, § 2, as added Pub. L. 108–447, div. C, title VI, § 601,Dec. 8, 2004, 118 Stat. 2963; amended Pub. L. 110–161, div. C, title IV, § 401,Dec. 26, 2007, 121 Stat. 1971.)
A prior section, act May 18, 1933, ch. 32, § 2,48 Stat. 59, related to the Directors of the Authority, prior to repeal by Pub. L. 108–447, div. C, title VI, § 601,Dec. 8, 2004, 118 Stat. 2963.
2007—Subsec. (f)(2). Pub. L. 110–161substituted “stipends under paragraph (1)(A)” for “stipend under paragraph (1)(A)(i)”.
Appointments; Effective Date; Transition
“(1) In general.—As soon as practicable after the date of enactment of this Act [Dec. 8, 2004], the President shall submit to the Senate nominations of six persons to serve as members of the Board of Directors of the Tennessee Valley Authority in addition to the members serving on the date of enactment of this Act.
“(2) Initial terms.—Notwithstanding section 2(d) of the Tennessee Valley Authority Act of 1933 [16 U.S.C. 831a (d)] (as amended by this title), in making the appointments under paragraph (1), the President shall appoint—
“(A) two members for a term to expire on May 18, 2007;
“(B) two members for a term to expire on May 18, 2009; and
“(C) two members for a term to expire on May 18, 2011.
“(b) Effective Date.—The amendments made by this title [enacting this section, amending sections 831, 831b, 831c, 831c–3, 831d, 831e, 831g, 831h, 831k, 831l, 831n, 831o, 831q, and 831w of this title and sections 5314 and 5315 of Title 5, Government Organization and Employees, and repealing prior section 831a of this title] take effect on the later of—
“(1) the date on which at least three persons nominated under subsection (a) take office; or
“(2) May 18, 2005.
“(c) Selection of Chairman.—The Board of Directors of the Tennessee Valley Authority shall select one of the members to act as chairman of the Board not later than 30 days after the effective date specified in subsection (b).
“(d) Conflict-of-Interest Policy.—The Board of Directors of the Tennessee Valley Authority shall adopt and submit to Congress a conflict-of-interest policy, as required by section 2(g)(1)(E) of the Tennessee Valley Authority Act of 1933 [16 U.S.C. 831a (g)(1)(E)] (as amended by this title), as soon as practicable after the effective date specified in subsection (b).
“(e) Transition.—A person who is serving as a member of the board of directors of the Tennessee Valley Authority on the date of enactment of this Act [Dec. 8, 2004]—
“(1) shall continue to serve until the end of the current term of the member; but
“(2) after the effective date specified in subsection (b), shall serve under the terms of the Tennessee Valley Authority Act of 1933 [16 U.S.C. 831 et seq.] (as amended by this title).”
Emergency Preparedness Functions
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