Perks coming under scrutiny

While still plentiful, perks could change more dramatically than overall CEO pay.

Ranging from income tax reimbursement to personal use of office staff, perks comprise a small portion of overall compensation yet remain a high-profile symbol of corporate excess for some.

"These days, perks are particularly noxious," said Charles Elson, who runs the University of Delaware's Weinberg Center for Corporate Governance said. "It's over-reaching, especially in a down economy."

About a third of the Carolinas 50 companies provided such perks as personal use of corporate planes, country club dues and tax preparation or financial planning, according to a review of the companies' regulatory filings.

Mark Rosen, with consultants Pearl Meyer and Partners in Charlotte, expects many perks to vanish. "[Compensation] committees are asking the question why can't you [cover perk expenses] with the money we are paying you," he said.

Companies often justify perks and benefits the way Charlotte industrial manufacturer SPX Corp. did, saying in a securities filing that it provides them "to attract and retain executives in a competitive marketplace, and (SPX) believes these benefits are generally consistent with market practices."

CEO Chris Kearney's perks include personal use of company aircraft (valued at $53,124); financial planning ($10,675); and other expenses ($69,292) such as country club dues, a car allowance, use of corporate sports and entertainment boxes and an executive physical, according to regulatory filings.

Kearney's perks were part of a $10.3 million compensation package that placed Kearney No. 3 overall among CEOs in the Carolinas last year.

Progress Energy, a Raleigh utility, examined perks last year to see if they were competitive and consistent with its compensation philosophy. It decided to dump several perks, including personal use for executives or spouses of company aircraft, country club memberships, car allowances and non-business use of event tickets.

A recent Equilar study found that in the first few months of this year, more than 50 companies in the S&P 500 index reduced or eliminated tax reimbursement programs for executives. The median value for some CEO perks is on the rise, however, the study found.

Then there's RF Micro Devices.

The Greensboro semiconductor component maker said its corporate culture never held a place for perks.

"We believe that perquisites are viewed by some of the shareholders and employees as being discriminatory in nature," the company said in a securities filing.