The board of the nation’s largest government-owned power provider will soon bring its process for setting CEO pay more in line with the federal law that created the agency.
Mitch Graves, chair of the Tennessee Valley Authority board, told President Donald Trump in a letter in May that the federal agency would include other government and nonprofit organizations in an annual survey used to set CEO compensation.
The board, composed of members nominated by the U.S. president and confirmed by the Senate, hires a compensation consultant to complete a survey required by amendments to the TVA Act of 1933, the agency’s legal charter.
The act requires CEO pay be set through an annual survey of compensation for “similar positions in private industry, including engineering and electric utility companies, publicly owned electric utilities, and federal, state, and local governments.”
(READ MORE: Trump gives TVA $46M for ‘clean, beautiful’ coal plant life extension)