Adding on…

May 8, 2006

What can you possibly give the executive who already has all of the standard-issue perks? You know, the keys to the corporate jet, the golf club membership, the financial planning and tax prep services? How about long-term care insurance, just in case they wind up in a nursing home one day?

In this 8-K filed on Friday by Freeport McMoRan Copper and Gold (FCX), the company changed the name of its perk program from the "Financial Counseling and Tax Preparation and Certification program" to the "Executive Services program" and threw in a few extra services, including long-term care insurance. According to the filing, the program is available to the Chairman, CEO and President, all senior vice presidents and anyone else selected by the President and CEO. A quick search of earlier filings shows that the long-term care coverage appears to be new, or at least, newly disclosed. McMoRan Exploration (MMR) filed an identical 8-K on Friday as well. James Moffett serves as Chairman of both companies and there’s a few other top executives who have overlapping roles at the two companies.

The long-term care coverage not only appears to be a new offering for executives at both companies, but a new perk at all companies, since a quick search of filings doesn’t show many other companies offering this service.

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