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It really wasn’t close.Among this year’s list of “most outrageous executive perks” compiled by Forbes are some decent contenders — hundreds of thousands on cars, second homes and personal security.
But SandRidge Energy’s Tom Ward spent $783,533 on “accounting support” from the company’s own employees (though he does reimburse half of each such accounting support employee’s annual salary and cash bonus) was the runaway favourite.
The CEO of Chesapeake (of which Ward used to be president) Aubrey McClendon is second in that category, with $250,000 in accounting fees.
This almost certainly points to the issues raised in recent reports about the unusual investment opportunities the two have received as Chesapeake executives.
That would be the Founder Well Participation Program, which, until it was phased out this year, allowed the pair to own personal stakes in wells drilled by the company.
Not surprisingly, after Reuters pointed out the potential conflicts in such a program, the full nature of which was not disclosed to shareholders, outrage ensued…
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