Families of CEOs Gain Super-Rich Version of Death Benefits

[The Straight Story]

Families of CEOs Gain Super-Rich Version of Death Benefits

Even death can’t stop the multi-million dollar enrichment of those related to CEOs.

For many of America’s top business leaders, the wealth of perks enjoyed include “golden coffin” arrangements that pay out tens-of-millions in benefits to families.

Golden coffins are provided as a way to keep CEOs from jumping ship to rivals or other companies.

At one point, the family of Eugene Isenberg of the oil-drilling company Nabors Industries would have been owed $263 million in “severance” pay had he died in office. The Grim Reaper could have ushered Isenberg away, but his loved ones would have been guaranteed luxury for life.

http://www.allgov.com/Where_is_the_Money_Going/ViewNews/Families_of_CEOs_Gain_Super_Rich_Version_of_Death_Benefits_110923

[dkf]

1. The only people entitled to be upset are shareholders and employees.

It's too bad an entire listing of benefits aren't on the shareholder proxies though. I could definitely go for that.

[Wounded Bear]

2. Word.....

what's really needed in shareholder approval. Put all those perks up for a general vote.

Granted, the CEO class generally has enough votes to pass anything they want, that's how the system works. But you're right, they should be published prominently in the quarterly prospectus.