Despite the growing focus on corporate responsibility and financial responsibility, one executive indulgence in recent years has taken on a new vigor: private travel via company jet.
In 2022, S&P 500 companies spent a total of a whopping $65 million on benefits. This is a significant 50% jump from the pre-pandemic era three years ago. wall street journal It has been reported.
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Equilar, an executive data company, has seen a 14% surge in the number of companies accepting private travel on corporate jets since 2019, increasing the number to 216 by 2022, while the number of executives enjoying luxury benefits has increased 25% to 427. .
While privilege advocates argue that personal misconduct can be safer and more efficient for certain executives, critics are quick to point out the symbolic excesses it represents, raising concerns about corporate boards' desire to please top executives at the expense of shareholders. understanding.
In 2019, the Business Roundtable's top executives, including leaders from Apple and JP Morgan Chase, argued that shareholder value was no longer the “purpose of business” and instead focused on investing in employees, new york times It has been reported.
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Meta Platforms is one of the largest spenders on private employee travel. According to WSJ, the company invested $6.6 million in private flights for CEO Mark Zuckerberg and his former second-in-command Sheryl Sandberg in 2022. This is a 55% increase from 2019.
And the tech giants are not alone. Casino company Las Vegas Sands spent more than $3.2 million on private flights for four executives, more than double its annual spending each year since 2015, while energy giant Exelon spent three times more on luxury flights than in 2019. They say they spent money on airline tickets. Power socket.