Safe and secure at ACS…

August 28, 2009

Every now and then we come across a particular filing and we ask ourselves: do the attorneys who actually write this stuff believe what they’re writing? That’s exactly the reaction we had when we read the 10-K that Affiliated Computer Services (ACS) filed late yesterday. Here’s a snip:

We maintain an overall security program for Mr. Deason due to business-related security concerns. Mr. Deason is provided with security systems and equipment as well as security advice and personal protection services. The cost of these systems and services are incurred as a result of business-related concerns and are not maintained as perquisites or otherwise for the personal benefit of Mr. Deason. As a result, we have not included such costs in the —All Other Compensation column. We expended $498,132 in fiscal year 2009, $480,698 in fiscal year 2008, and $423,011 in fiscal year 2007 for such security advice and personal protection services. With regard to the personal protection services, other executive officers and members of our Board of Directors receive the incidental benefit of these services when attending a meeting or other function at which Mr. Deason is also present; such incidental benefit has not been calculated or allocated for purposes of this table.

That’s referring to Chairman Darwin Deason. But even if you buy the fact that Deason needs that kind of personal protection, you have to wonder why CEO Lynn Blodgett doesn’t have similar needs, or any needs, judging by the disclosure. Is being chairman of ACS really that much more dangerous than being CEO?

Like much of the rest of the world, footnoted will be in vacation mode next week so posting will be erratic at best. Hope everyone here enjoys the unofficial last week of summer!

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