Perks In The Business World.

K. Smith
I was reading an article in the Sunday's newspaper about perks given to the big CEO's. It is not a big secret that top CEO's get paid big money. Along with the big pay check these people receive additional compensation throughout the year. Some top CEO's received over 100,000 for the personal use of commpany cars and also received payment for snacks from the company dining room and also received some out-of-pocket medical costs. One top executive received two sets of tires per year and reimbursed himself for the taxes on the income associated with that benefit. I would assume this is how the rich stay rich. A new proxy was passed to require companies to disclose perks that cost more than 10,000, a much lower threshold than the previous requirement of 50,000, or 10% of total annual compensation. Since the proxy was passed some executives have given up their perks. Now that all perks have to be accounted for most executives do not want the perks. One executive voluntarily returned his company-provided leased car and will no longer receive a company car.