Categories: Agenda

Perk Problems Ensnare Another Company as SEC Clarifies Covid-19 Impact

This week the SEC announced charges against Hilton Worldwide Holdings for failing to disclose approximately $1.7 million worth of perquisites related to personal use of the company’s corporate jet and executive hotel stays. The commission says the hotelier “failed to appropriately apply the SEC’s compensation disclosure rules to its system for identifying, tracking and calculating perquisites.”

This enforcement action and a recently released compliance and disclosure interpretation (CD&I) outlining some pertinent perquisite issues that may come up during the Covid-19 pandemic are signals that the commission is focusing on perk identification and disclosure, sources say. Governance experts suggest that compensation committees take a closer look at perquisite disclosures, particularly surrounding jet use in light of these enforcement actions and travel impacts stemming from the pandemic.

…According to disclosures made in 2020 and analyzed by public company intelligence provider MyLogIQ, only 26 companies specifically disclosed aircraft travel in perquisite calculations.

admin

Recent Posts

How ESG Metrics Are Taking Over Annual Incentive Plans

Compensation committees at S&P 500 companies are increasingly tying annual bonuses to measures beyond financial…

3 weeks ago

Visual Investigation: Pay Gaps Widen as Workforce Scrutiny Grows

The pay gap between CEOs and their employees has widened over the past half decade,…

1 month ago

In a Bumper Year for CEO Pay, One Chief’s $161 Million Award Swells to $1.3 Billion

Chip maker Broadcom gave Hock Tan, its chief executive, a $161 million stock award, instantly…

2 months ago

Are Companies Really Reincorporating in Nevada?

Elon's Musk's $56 billion pay package's upheaval, a hedge fund sanctioned for failing to preserve…

2 months ago

Are Check Marks ‘Cheap Talk’ in Board Skills Matrices?

Disclosures about directors' skills and expertise are increasingly coming under the microscope as investors ramp…

4 months ago

Boards Looking for ‘Soft Skills’ in New Crop of CEOs

On Jan. 1, several of the nation's biggest companies — including Morgan Stanley, Kraft Heinz,…

4 months ago