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CEOs cut down on personal use of corporate jets
By siliconindia
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Tuesday, 02 September 2008, 16:25 IST
New Delhi: CEOs at Fortune 100 companies are now cutting down on their personal visits in corporate jets. Moreover, enterprises are slashing such perquisites to them as well.
A recent study finds that personal use of corporate jets by the CEOs at Fortune 100 companies has reduced both in terms of value and prevalence after several years of consistent rise, reported PTI. The study conducted by Equilar, a U.S. based executive compensation research firm, has found out that both the median value and prevalence of aircraft-related perquisites have declined for Fortune 100 chiefs from 2006 to 2007.
Some well known Fortune 100 CEOs include investor Warren Buffett, Indian-origin banker Vikram Pandit, cola-queen Indra Nooyi and media moghul Rupert Murdoch.
The study points out that in value terms, the average of perquisites related to the personal use of corporate aircraft by Fortune 100 CEOs fell by 9.8 percent in 2007.
Unlike India, it is mandatory for companies in U.S and some other western countries to disclose public details about the personal use of corporate aircraft by their CEOs.
Equilar also mentioned that the median value of Fortune 100 CEO aircraft perquisites had been rising continuously for three years before falling in 2007.
