NEW YORK – Executives at Brunswick Corp. can use company-manufactured boats for marketing, hosting civic events, personal use and “to enhance product knowledge,” The Associated Press reported in a story examining CEO perks yesterday.
Brunswick’s program, which a company proxy told AP “encourages active participation in boating on the part of company officers,” was just one of several examples cited in the story.
The company valued Chairman and CEO Dustan McCoy’s boat use at $222,678 in 2006, including coverage for his related taxes. AP reported that Brunswick executives can also get company products worth $15,000 a year.
New proxy rules have required companies to disclose perks that cost more than $10,000, a much lower threshold than the previous requirement of $50,000, or 10 percent of total annual compensation.
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