Gold star Fridays…

February 18, 2005

Regular readers know that on Fridays, I try to point out something good that companies are doing in their routine SEC filings — an example for others to follow, so to speak. But lately, that’s been a bit of a difficult task. However, Honeywell’s (HON) recent preliminary proxy warrants a gold star. Why? Instead of lumping other compensation together — a category which typically means everything from the keys to the Gulfstream to tax gross-ups — and requiring investors to dig through incredibly tiny footnotes to figure things out, Honeywell decided to create a chart that basically mimics the summary compensation table providing a list of various perks for all five top executives over the past three years. So it’s easy for investors to see that Chairman and CEO David Cote’s personal use of his company car was $55K last year vs. $66K last year or that CFO David Anderson used the corporate jet less than half as much as he did in 2003. Honeywell isn’t required to list it this way — they could have lumped it all together like most companies do. But since this is a preliminary proxy, let’s cross our fingers and hope more companies follow suit.

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