Strictly business…

August 10, 2007

goldstar.jpegIt’s been a few weeks since we last handed out a gold star. But these two sentences in the proxy that Casey General Stores (CASY) certainly seems worthy:

We own a corporate aircraft for the exclusive business use of our employees, including but not limited to the named executive officers. Personal use of the aircraft is not permitted under Company policy.

Imagine that! Personal use is not permitted! That means that CEO Robert Myers isn’t allowed to use it to travel between his home and his office, as Time Warner’s (TWX) CFO, Wayne Pace, does. Or to his beach house (assuming he has one), as the former Chairman of the soon-to-be acquired Applebee’s (APPB) used to do. Even more interesting is that a quick skim of earlier filings doesn’t turn up any mention of a corporate aircraft.

Now, Casey, which is based in a suburb of Des Moines isn’t exactly a well-known company. It operates a chain of convenience stores in Iowa, Illinois and Missouri that according to its Yahoo profile carry nouvelle cuisine like pork and chicken fritters. So it’s unlikely that this no-keys-to-the-corporate jet is likely to spread too far outside of Ankeny, IA. Still, Casey’s policy — whether it’s new or just newly disclosed — deserves a rare footnoted gold star.

Trade safe out there! And try not to obsess about it too much over the weekend!

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