Have the folks at Weyerhauser (WY) started drinking the corporate governance Kool-Aid? The company, which has never really been known for being investor-friendly (and has lots of shareholder initiatives over the years to prove it), appears to have instituted a new policy for its top executives that takes away the keys to the Gulfstream and the Lexus SUV. In the recent proxy, the company says that it does not provide vehicles for executives’ personal use or personal travel for executives on company aircraft, which is the first time that this language appears in the company’s proxy. Perhaps Weyerhauser realizes that it’s a bit tacky for someone who makes over $3 million a year in salary and bonus, as Chairman and CEO Steven Rogel does, to also hit up investors for monthly car payments or for tickets for a weekend in the Caribbean. Let’s hope it’s a sign of more investor-friendly moves to come.

Posted in Urge to merge

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