With new proxy rules requiring companies to reveal perks of $10,000 or more apiece – the old rules limited such disclosures to those valued above $50,000 – the revelations of who's getting what freebies are just mind-boggling.
Some of the biggest perks had the companies just paying the taxes of the CEOs (who could afford to pay themselves). Public Storage for instance covered CEO Ronald Havner Jr's $2.6 million tax bill reports Associated Press.
But L. Reed Walton provides the real dirt in the ISS newsletter Governance Weekly.
Boeing CEO James McNerney gets personal use of the corporate jet and Southern Union's proxy statement reveals it has a policy that "encourages (CEO George) Lindemann and his spouse to use company aircraft for all business and non-business purposes for their personal security and safety". Morgan Stanley CEO John Mack incurred $321,848 for personal aircraft use in 2006, and $407,762 in 2005.
Other perks include home security services, financial planning, tax preparation, country club dues, annual physical exams and vehicle allowances.
And the Anheuser-Busch CEO gets free beer!
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