Bank Of America Aircraft Loans - Banks have started releasing their 2018 proxy statements, and all eyes are on executive salaries and bonuses.
However, it was heard in the annual statement, there are details of the benefits that banks offer to CEOs every year, from the personal use of company planes to the installation of home security systems. American Banker combs proxy statements for U.S. banks with assets of approximately $50 billion or more. Some big names — such as JPMorgan Chase and Capital One — have yet to be reported.
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Consider the private use of company aircraft - a business benefit that, justified or not, is often associated in the public mind with legal excess.
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Some mid-sized banks, a group that has been vocal in recent years about being squeezed by low margins and rising compliance costs, allow for free, but in some cases up to certain limits.
But at Citigroup, CEO Michael Corbat had to reimburse the bank for the personal use of the company's jet. He paid $239,978 in 2017 for the privilege.
Another benefit seen in various proxies: "executive bodies", a type of medical examination designed to accommodate the busy schedules of high-profile businessmen. Main hospital fees vary depending on the cost and type of services offered, according to the website. Exams usually have minimal waiting times and standard preventive screenings, although add-ons such as genomic testing for Botox injections are also sometimes available.
As you move farther down the wealth spectrum, however, CEOs tend to get fewer special perks. In fact, it is a point of pride for some companies to eliminate search. Comerica's $71 billion in assets, for example, said in its proxy that it does not allow personal use of company jets. What's the limit, right?
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Using a business jet for business travel is common in the business world. But when it comes to personal travel, banks diverge on whether they allow it - and whether they require CEOs to pony up.
Huntington Bancshares, for example, allows chairman and CEO Stephen Steinour to use the company's aircraft for all personal travel when the jet is not being used for business purposes. In a 2018 proxy, the company cited "restrictions on commercial flight arrangements" and potential security risks as reasons for the benefits.
Bank of America, meanwhile, said in the interest of efficiency and security, it requires the president and CEO, Brian Moynihan, to use the company's aircraft for all long-distance business, commuting and personal needs. In agreement with the bank, he reimburses for the cost of commuting from his home in Boston. Moynihan received $205,084 in net compensation related to air travel last year.
PNC Financial Services Group and Regions Financial gave each CEO - Bill Demchak and Grayson Hall - a budget of $100,000 for the personal use of the company's aircraft. Above that limit, they must repay the company.
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During 2017, Hall's personal air travel expenses were less than $70,000. Demchak used the entire $100,000 allowance.
M&T, meanwhile, last year paid $735,189 for business flights for its late CEO, Bob Wilmers, who died in December after leading the bank for nearly 35 years. Wilmers owns a 50% stake in an unaffiliated aircraft company; M&T paid for flight services for Wilmers' flights.
Accordingly, Huntington offered Steinour the opportunity to use the company car for personal use. The cars were escorted by security officers employed by the bank. In addition to personal travel, Steinour uses the car to travel, "allowing him to work while traveling," the company said in a proxy.
In addition, Wells Fargo gave CEO Tim Sloan a car and driver. This car is mostly used for business trips, but it is also used for traveling from time to time.
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For example, last year Wells paid for the cost of assessing, installing and maintaining a home security system for "certain executive officers," the company said in a proxy. For CEO Tim Sloan, in particular, Wells paid $87,203 to provide home security.
Sloan took over as CEO in the fall of 2016, replacing John Stumpf. The appointment follows revelations that Wells Bankers opened millions of unauthorized customer accounts, marking the start of a scandal that has sparked outrage from community activists and investors.
Try an executive physical like a regular physical, but without the frustrating wait times and with the option of premium medical or cosmetic services.
Some regional banks said in the 2018 proxy that they offer senior bankers this type of physical service. Among them: U.S. Bancorp, PNC, Fifth Third Bancorp, Regions and M&T Bancorp.
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It is unclear from the proxy how much physics costs. A quick review of some of the major hospital systems' offerings found that costs can vary; at NYU Langone Medical Center, for example, packages range from $2,500 to $7,500.
Most plans offer some standard tests and preventive screenings. Access to private conference rooms and a variety of brunch options are also typical. Some hospitals even offer extras such as access to day spas, stress management training and various cosmetic services, including Botox injections.
The entrance to a parking garage is seen flooded after Hurricane Irma hit Miami, Florida, USA, Monday, September 11, 2017. Irma hit South Florida as a Category 4 storm, sending a wall of water and strong winds to the 'State of the driven. and marked. the first time since 1964 that the United States was hit by back-to-back major hurricanes. Photo: Jayme Gershen/Bloomberg
Most banks restrict access to corporate aircraft outside of the CEO. But there are some exceptions.
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In September 2017, when Hurricane Irma tore through the Caribbean and the coast of Florida, Huntington paid $19,710 to fly one of its board members, Jonathan Levy, and his family out of the area.
The company's plane was made available when the Levy family "couldn't afford commercial flights," the company said in a proxy.
M&T stood between the proxy filings and announced that executive reimbursements to club members were "considered for business purposes." The company does not say which memberships meet these criteria.
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In Comerica's 2018 proxy, for example, the company said it never paid for its CEO's private air travel.
"Commerica has never permitted the personal use of company aircraft, except in an emergency, so executives must reimburse Comerica for the full cost of such use," the company said in a proxy statement.
In the $50 billion-asset SVB Financial, meanwhile, senior executives will receive the same health and pension benefits available to all workers, the company said in its proxy. Written by Elizabeth Rivelli Written by Elizabeth RivelliArrow Senior Insurance Contributor Elizabeth Rivelli is a contributing insurance writer with years of experience for insurance domains such as Dollar Simple, Coverage.com and NextAdvisor, among others Connect with Elizabeth Rivelli on LinkedIn Linkedin Contact Elizabeth Rivelli via E-Mail Email Elizabeth Rivelli
Edited by Aylea Wilkins Edited by Aylea WilkinsArrow Senior Loan Editor, Former Insurance Editor Aylea Wilkins is an editor specializing in student loans. He previously worked editing content on personal and home loans and auto, home and life insurance. He has been editing professionally for nearly ten years in various areas with a primary focus on helping people make financial decisions and buy with confidence by providing clear and unbiased information. Connect with Aylea Wilkins on LinkedIn Linkedin Aylea Wilkins
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