A breath of fresh air…

March 2, 2007

goldstar.jpegWhen I got out of the airport in Orlando last night, it was a swampy 85 degrees, even though it was nearly 7 pm. Good thing that there was a breath of fresh air delivered to me in the form of the 10-K that Kinder Morgan (KMR) filed last night:

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.

How many other large public companies are doing this? My guess would be that you could count them on one hand. Clearly, this deserves a gold star. Several of them, in fact.

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