The Securities and Exchange Commission’s (SEC or Commission) Division of Enforcement continues to be laser focused on executive perks and the manner in which they are disclosed by public companies. The SEC is expected to...more
We return once more to the issue of public company executive perquisites or "perks" – a topic we anticipated last year would "be a hot-button enforcement issue for the foreseeable future." We were not wrong. In light of the...more
In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources...more
The Securities and Exchange Commission recently announced a settlement with Oregon-based freight transportation supply company, The Greenbrier Companies Inc., and founder and former CEO and Chairman, William A. Furman, for...more
The Securities and Exchange Commission announced settled charges against an Oklahoma-based gas exploration and production company, Gulfport Energy Corporation, and its former CEO, Michael G. Moore, for failing to properly...more
The recent SEC settlement with Gulfport Energy and its former CEO suggests a hard line approach to executive perks and compensation disclosures, even where expenses relate to business activities. On February 24, 2021, the...more
Disclosure of executive perks is once again in the SEC Enforcement spotlight. Just last year, there were two actions against companies for disclosure failures regarding perks—Hilton Worldwide Holdings Inc. and Argo Group...more
Over the past few months, the Securities and Exchange Commission (the “SEC”) has imposed civil penalties in the hundreds of thousands of dollars against multiple publicly traded corporations in connection with their failure...more
Companies have offered benefits to employees, including executive officers, to enable them to continue their work and otherwise to make their lives easier during the COVID-19 pandemic. Now the SEC has released additional...more
Key Point: The New York Attorney General’s Office (NYAG) reached a Consent and Stipulation Agreement with Dunkin’ Brands, Inc. (Dunkin), which obligates the company to implement and maintain a comprehensive information...more
Undisclosed or inadequately disclosed executive perks continue to be a lightning rod for SEC Enforcement Actions. While the SEC has not announced a formal perk disclosure enforcement program, the agency continues to pay very...more
In a tightening job market, more companies are considering offering perks such as gym memberships, financial assistance for adoptions, tuition reimbursements and signing bonuses as a way to recruit and retain workers. While...more
We remember when legislative and regulatory developments rarely occurred in December, but those days are behind us. A Reminder About New Year's Eve & New Year's Day Rate Increases: Many minimum wage, tipped and exempt...more
The start of a new year always brings a fresh batch of employment concerns. While some workplace issues are evergreen, 2020 will present some unique challenges for employers. This Littler Lightbulb highlights some significant...more
In a development sure to be welcomed by employers, the U.S. Department of Labor (DOL) issued revised regulations allowing employers to more easily offer perks and benefits to their employees without affecting the employees’...more
Seyfarth Synopsis: In the December 16, 2019, Federal Register, the U.S. Department of Labor’s Wage & Hour Division (WHD) published its final rule clarifying and updating the regulations governing the regular rate requirements...more
Employees appreciate employee discounts, tuition reimbursement, prizes of small value, and wellness benefits. But those perks had been put in danger in recent years by lawsuits claiming that employers should have paid...more
On December 12, 2019, the U.S. Department of Labor (“DOL”) finalized a new rule that lets employers leave several perks, including tuition benefits, paid leave cash-outs, and some bonuses, out of the formula used to calculate...more
USMCA on the Way? Lawmakers on both sides of the political aisle claimed victory this week over what appears to be a breakthrough in negotiations over the United States–Mexico–Canada Agreement (USMCA) trade agreement. Of...more
Compensation committees should hire an independent legal expert to audit private jet and other perk disclosures on a privileged basis. Given the SEC’s increased focus on perk disclosure, companies should evaluate their...more