One more Singapore Sling?
As proxy season continues to march on — a different kind of March Madness, to be sure — we continue to see all sorts of interesting things coming to light. Take the proxy that DuPont (DD) filed late yesterday. At some point in 2005, the company had a board meeting somewhere in Asia “to which spouses of directors were invited”. In addition to the cost of the travel to Asia for the director and their spouse, there was also the requisite tax gross-up, since a free trip to Asia apparently wasn’t quite enough.
To be sure, the amounts are small — the maximum was $27,585, which given DuPont’s size, is like change in the sofa. But it’s yet another corporate perk that’s finding its way into the light of day under the new disclosure rules. Also interesting is the fact that the two directors who stepped down from DuPont last year due to the mandatory retirement age — Louisa Duemling and H. Rodney Sharp III — received the largest gross ups, which means they spent the most on their trips. Nothing like going out in style!
And speaking of sparks, check out my buddy Paul Kedrosky’s post on the F word surfacing in this SEC filing. Though that kind of language may be common on the trading floor, it rarely finds its way into an SEC filing.