Working at the car wash…
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?