-- General Motors Co. today released its luxury expense policy, saying its senior executives will be allowed to fly business class on all flights.

It also said its employees should try to lease GM vehicles "whenever feasible," when they're traveling for business.

In its eight-page policy posted on a company Web site today, GM said any events costing more than $10,000 must be approved by a member of its senior leadership group.

While other employees must book economy flights, except for intercontinental flights lasting more than eight hours, GM's president and CEO, vice chairmen, executive vice presidents and members of the board of directors may fly business class for all flights.

GM's top execs may charter a flight "only in North America and only when a clear business rationale is stated." In addition, the board will "periodically monitor the use of charter aircraft." GM eliminated its seven corporate planes during its stay in bankruptcy, and gave up its leased hangar at Detroit Metropolitan Airport.

GM spokeswoman Renee Rashid-Merem said the company "recently adopted an expense policy that consolidates and simplifies existing policies. This revised policy complies with GM's loan agreement with the U.S. Treasury, and the luxury expense requirements applicable to all TARP recipients."

GM said the policy "reaffirms its commitment to manage the business in the best interests of the company and its stakeholders. The company's expense policy defines principles and limitations of expenses in a number of categories, including company-sponsored events or entertainment, travel, use of outside service providers, real estate leases or acquisitions, and office renovations or relocations."

The automaker took a lot of heat when its execs traveled to Washington, on corporate airplanes, to ask for a federal bailout.

When employees rent cars they "should be a GM brand whenever feasible," the expense rules said. But they are also "to be the lowest cost vehicle." Employees won't be reimbursed for personal, out-of-pocket expenses -- such as recreation or gifts, according to the expense rules.

All recipients of funds under the $700 billion Troubled Asset Relief Program must disclose the policies, including GMAC, Chrysler Financial and Chrysler Group LLC.