Itsy bitsy teeny weeny…
While some companies have decided to make their proxies easier to read, there’s still plenty that seem to be going in the exact opposite direction. Take Goody’s Family Clothing (GDYS), which filed its proxy last week. The 13 footnotes at the bottom of the summary compensation table (sorry…no way to get to the exact spot in the filing — you’ll have to scroll down) are in some of the smallest lightest font I’ve ever seen and basically dare you to try to read them.
So what’s in that itsy bitsy teeny weeny print? Lots of use of the corporate jet: $464,263 last year for Chairman and CEO Robert Goodfriend or nearly 25% more than he used the corporate jet in fiscal 2003. And if you read further, you realize that that number doesn’t even include the salaries of the pilots or the incremental costs of the plane, which means had those been accounted for properly, the number would have been even higher.