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Exec Perks: An Ugly Picture Emerges [View All]

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Career Prole Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-27-05 09:25 AM
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Exec Perks: An Ugly Picture Emerges
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Companies are being prodded to disclose more perks -- and in more detail -- than ever before. And the picture isn't pretty.

The reason for the sudden openness on the subject: The SEC's tough new stance on disclosure. In September, the agency issued a cease-and-desist order to General Electric (NYSE:GE - News), saying its disclosure of the perks former CEO John Welch Jr. would receive in retirement violated reporting rules. GE neither admitted nor denied wrongdoing.

A month later, Alan Beller, director of the SEC's division of corporate finance, came down hard on companies that practice "opaque or unhelpful" disclosure. The effect was immediate: Pay researcher Equilar estimates that a third of all companies have made "significant" improvements to their compensation disclosures, especially on perks. And shareholder activists find what's being revealed downright shocking.

"The dam broke this season," says Patrick McGurn, senior vice-president of proxy adviser Institutional Shareholder Services. "The resulting floodwaters show that abuse is rampant...

Read it here!

This article is bound to piss you off unless you're one of these execs.

Freakin' pigs.

Here's a snazzy one...
"...and "gross-up" payments that reimburse execs for the taxes they pay on many of their perks...."

So they want to put my Social Security in the stock market so that as a stockholder I can help pay the taxes on the poor downtrodden exec's perks?

Yeah, right...bite me.
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