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This excerpt taken from the PBG DEF 14A filed Apr 7, 2009. Why do we
provide perquisites as an element of compensation?
Certain perquisites provided to our senior executives are
services or benefits designed to ensure that executives are
fully focused on their responsibilities to the Company. For
example, we make annual physicals available to our senior
executives so that they can efficiently address this important
personal issue and, therefore, maximize their productivity at
work. Other perquisites, such as our Company car program, simply
represent a Company choice on how to deliver fixed pay to our
executives.
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We also provide certain specific perquisites to senior
executives who move to and work in international locations. Such
perquisites are provided based on local and competitive
practices. Perquisites such as housing allowances are typical in
the international arena.
For certain limited perquisites, the Company reimburses (or
grosses-up)
the executive for the tax liability resulting from the income
imputed to the executive in connection with the perquisite. We
do so because we do not want our provision of such perquisites
to result in a financial penalty to the executive or potentially
discourage the executive from taking advantage of the
perquisite. For example, we
gross-up an
executive with respect to his or her annual physical and
benefits provided under the Company car program. We do not,
however,
gross-up
perquisites with respect to which the Company does not have an
interest in encouraging, such as our executives’ limited
personal use of corporate transportation.
In 2008, limited perquisites were provided to our Named
Executive Officers, consistent with the Company practice
described above. These perquisites are described in more detail
in the footnotes to the Summary Compensation Table.
This excerpt taken from the PBG DEF 14A filed Apr 10, 2008. Why do we
provide perquisites as an element of compensation?
Certain perquisites provided to our senior executives are
services or benefits designed to ensure that executives are
fully focused on their responsibilities to the Company. For
example, we make annual physicals available to our senior
executives so that they can efficiently address this important
personal issue and, therefore, maximize their productivity at
work. Other perquisites, such as our Company car program, simply
represent a Company choice on how to deliver fixed pay to our
executives.
We also provide certain specific perquisites to senior
executives who move to and work in international locations. Such
perquisites are provided based on local and competitive
practices. Perquisites such as security and housing allowances
are typical in the international marketplace and are designed to
ensure that the executive maintains a standard of living
consistent with that of his or her home country and to encourage
executives to accept the position and live within the market in
which they work.
For certain limited perquisites, the Company reimburses (or
grosses-up)
the executive for the tax liability resulting from the income
imputed to the executive in connection with the perquisite. We
do so because we do not want our provision of such perquisites
to result in a financial penalty to the executive or potentially
discourage the executive from taking advantage of the
perquisite. For example, we
gross-up an
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executive with respect to his or her annual physical and
benefits provided under the Company car program. We do not,
however,
gross-up
perquisites with respect to which the Company does not have an
interest in encouraging, such as our executives’ limited
personal use of corporate transportation.
In 2007, limited perquisites were provided to our Named
Executive Officers, consistent with the Company practice
described above. These perquisites are described in more detail
in the footnotes to the Summary Compensation Table.
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