Kinder-Morgan Gold Star
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Michelle Leder of Footnoted gave out a rare gold star, not for the actual filing of compensation in the footnotes but for what the footnote said. Kinder-Morgan was more than happy to comply with the SEC’s new rules that force companies to further spell out exactly what executives are getting paid for perks like free jet travel and tax grossups on benefits (which can be more than the benefit itself).
Unlike many companies, we have no executive perquisites and, with respect to our United States-based executives, we have no supplemental executive retirement, non-qualified supplemental defined benefit/contribution, deferred compensation or split dollar life insurance programs. We have no executive company cars or executive car allowances nor do we offer or pay for financial planning services. Additionally, we do not own any corporate aircraft and we do not pay for executives to fly first class. We are currently below competitive levels for comparable companies in this area of our compensation package, however, we have no current plans to change our policy of not offering such executive benefits or perquisite programs.
Huzzah!
With the new rules, many companies are fully disclosing executive pay for the first time and squirming under the microscope. Apparently, the new rules led to the ousting of Home Depot CEO Robert Nardelli. He refused to take even a token pay cut that the Board demanded once they actually added up all of his perks. I’ll bet he won’t be the last to fall.