Boeing Company, the leading maker of commercial and military aircraft, released the Proxy Statement for its upcoming shareholders' meeting in April. The proxy includes disclosures regarding compensation to executive officers for the year ended December 31, 2007Boeing paid its Chairman and Chief Executive, W. James McNerney, Jr., just about $19 million last year. Mr. McNerney will need the cargo capacity of a 747 airliner to carry home his pay. Here are the highlights:
* Salary of $1.8 million
* Cash bonus of $4.3 million
* Restricted stock awards valued at $4.8 million
* Stock options worth $3.7 million
* An increase in his pension valued at $3.5 million
* And, about $1 million in "other" compensation
No matter what you think about Boeing, its performance last year or McNerney's contribution to this performance, what is most striking is the $1 million in other compensation. The SEC now requires companies to disclose far more details about the perks provided to the CEO and other executives. The "other" category includes personal benefits, life insurance premiums, tax reimbursement and company contributions to retirement plans.
Most of McNerney's personal benefits are standard CEO issue. $556,000 for the use of Company aircraft, a car and driver, home security service, country club memberships, financial counseling advice, and this last item that caught my attention -- about $90,000 to install a back up generator at McNerney's home to restore power should the electricity be lost. The reason Boeing paid for the generator is to ensure "business continuity." In other words, so McNerny can work during a power outage.
Anyone who makes $19 million in any one year, should be able to afford a generator --even the top of the line model -- on their own. The McNerney family will get as much if not more benefit from it than Boeing -- unless of course, the generator will be used to only power McNerney's PC and fax machine and the electricity in his study.
The logic of "business continuity" could easily extend to many other items. Why not just go ahead and pay all of McNerney's utility bills? And to be really safe, Boeing should put some shelf stable food in the pantry in case McNerney gets hungry while doing all that work during the natural catastrophe he's expecting.
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