Colgate Executives Get Thousands for Perks

[UpInArms]

http://www.miami.com/mld/miamiherald/business/national/10361390.htm?1c

NEW YORK - Colgate-Palmolive Co., which announced Tuesday it is eliminating 4,400 jobs, disclosed in a regulatory filing that many of its top executives and officers are given allowance of up to $11,500 a year to spend on anything from pet sitters to running shoes to karate lessons to movie rentals.

The plan, called "Above and Beyond," was detailed in the consumer product company's quarterly filing in November with the Securities and Exchange Commission. The program has been in place since 1986 and covers 800 executives.

Under the plan, executives and officers can ask for reimbursement for exercise equipment, such as rowing or skiing machines, instructional videos, grooming and boarding services for pets, pet walking services and sitters, and veterinarian fees and visits.

Twenty top officers are each eligible for an $11,500 yearly allowance. Between 110 and 120 vice presidents are eligible for $10,000 allowances and 650 executives are eligible for allowances of either $2,000 or $4,000, depending on their rank. Not every eligible executive uses their allowance, the company said.

<snip>

The company had $9.9 billion in sales last year and paid its top five executives $23.3 million in cash and stock, plus another $9.1 million in stock options. The company's highest paid executive, chairman and CEO Reuben Mark, made $10.4 million in salary, bonus and stock awards.

...more...

and all that continues while they layoff 4,400 employees.

:argh:

[tk2kewl]

1. "Above and Beyond"

Above the Law and Beyond the Pale

[UpInArms]

2. here's one of my most favorite paragraphs

from that article:

Housekeeping, house painting, snow removal, swimming pool care, landscaping, gutter cleaning and chimney sweeping bills are covered because "routine household chores can consume precious personal and family time," according to the filing.

[tk2kewl]

4. need that time to schtup the maid

:shrug:

[54anickel]

6. Sooo, how many of these "service providers" were paid on a strictly

cash, under the table, basis? I mean the article talks about reimbursement for babysitting. It's not like little Suzy down the road hands out receipts or anything.

[Deja Q]

8. Wish I saw that paragraph first. Now I'm livid at those hypocrite selfish

bastards.

Family time for them. How about the families of their workers?

Sick.

[54anickel]

3. Guess I'll have to adjust some of my purchases again. Sheesh, thing

is, it's getting harder and harder to find ANY socially responsible corporation goods in the stores these days.

[UpInArms]

5. definitely hit my "do not buy" these creeps products

ever again list.

Think I'll mosey over to www.karmabanque.com and see if Colgate-Palmolive is on their list.

hmmmmm....

[Deja Q]

7. Sick. Fucking sick. I'm glad I will be obsolete in the new order,

because that's the type of world I do not want to live in. It's inhuman and unChristian.

[brentspeak]

9. The Colgate executive management team

http://www.colgate.com/app/Colgate/US/Corp/ExecMgtTeam.cvsp

And its board of directors:

http://www.colgate.com/app/Colgate/US/Corp/BoardOfDirectors.cvsp

[cosmicdot]

11. included on the Board, one Carlos Gutierrez ... **'s pick for Commerce

Carlos M. Gutierrez - Chairman of the Board and Chief Executive Officer of Kellogg Company since April 2000.

Mr. Gutierrez also was President of Kellogg from 1998 to September 2003. Mr. Gutierrez joined Kellogg de Mexico in 1975 and held numerous senior positions in the United States and abroad, being appointed President and Chief Operating Officer in 1998 and a Director, President and Chief Executive Officer in 1999. Elected director in 2002.

[Ellen Forradalom]

10. Whew, for a moment there I thought a fine upstate New York college

was misusing its alumni contributions!