Solera execs go shopping for perks…

June 10, 2008

Yesterday, Solera (SLH) filed this 8K which despite being only 1 paragraph, was chock full of new perks for the company’s top executives:

The benefits approved by the Committee include increased supplemental life and long-term disability insurance, annual physical exams, company automobile benefit, country club fees (solely for the Chief Executive Officer), and, assuming year by year performance objectives are met, the payment of the cost of financial counseling services and health club membership.

To be fair, Solera’s stock is up nearly 12% year-to-date, compared with -7.25% for the S&P 500 during the same period, so perhaps the company, which went public last May deserves to show its top executives a little bit of love. Still, the addition of the gross-up for the perks, which the company helpfully says are worth around $327K, leaves me with a sour taste in my mouth. Rewards for a job well done are nice, but do the executives really need the company’s investors to pick up the tax bill?

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