Working at the car wash…

April 22, 2008

Yesterday, I came across what seemed like an odd disclosure in UCBH’s (UCBH) proxy — that among the many perks that CEO Thomas Wu received last year were company-paid car washes.

While the dollar amount wasn’t given, it’s hard to get too worked up about whatever the cost might be. Even the fancy hand-wash places tend to charge $20 a pop. But it made me wonder how many other companies cover the cost of washing the CEO’s car. Keep in mind that at UCBH, Wu was paid $1.2 million last year — the same as in 2006, even though the stock has fallen sharply.

As it turns out, there’s a few other companies that offer this perk and are disclosing it for the first time, including Deere & Co. (DE) and Ford Motors (F). Neither company provides a dollar break-down. Still, you have to wonder: what’s prompting this greater level of disclosure now?

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