This excerpt taken from the EQ DEF 14A filed Mar 9, 2007.
We believe executive perquisites should be limited because the overall structure of our compensation and benefit programs should be broadly similar across the organization and because our cash and equity compensation is sufficiently competitive to attract highly skilled executives. To support this design philosophy, we took the following actions in 2006:
Before our spin-off, Mr. Hesse was permitted to use Sprint Nextels corporate aircraft for limited personal travel at Sprint Nextels expense. After our spin-off, we acquired fractional interests in corporate aircraft. Under a policy approved and monitored by our Compensation Committee, Mr. Hesse has access to the aircraft for limited personal use if he pays directly to the aircraft management company the incremental costs of such use.
Since our spin-off, Mr. Hesse has used the corporate aircraft to attend outside board meetings of boards on which he serves, often in conjunction with doing business for us. Our Board approved Mr. Hesses service on these boards and believes that his service is in the interest of the company and his ability to conduct company business during travel to these meetings is beneficial to the company. In 2006, the incremental costs of using the aircraft in this manner and when not combined with conducting business for us is reported as a perquisite for Mr. Hesse.
Under our approved policy, depending on seat availability, family members may travel on the corporate aircraft to accompany executives who are traveling for business, or in Mr. Hesses case, also as part of his limited personal use.
Perquisites that were provided during 2006 are reported in our Summary Compensation Table.