Posted by: Aaron Pressman on March 2, 2007
Via Michelle Leder (who may have a direct connection to the SEC’s EDGAR database wired into her brain somehow), we read this morning of a refreshing break from the string of disclosures on excessive corporate perks. From Kinder Morgan Management’s (Symbol: KMR) most recent 10-K filed last night and already reviewed by Ms. Leder:
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.
It can’t be hurting too much. The stock is up 10% this year.