Earlier this week we noted computer-maker HP (HPQ) said in its SEC filings that CEO Mark Hurd received a $79,814 tax gross-up for meals last year. After some back-of-the-envelope maths, we figured that meant the company spent about $243,000 to feed its boss and his family.
But now HP says Mark didn’t eat anywhere near that amount — the company’s SEC filings are incorrect.
HP spokespeople provided the following statement to SAI:
The tax gross-up figures contained in HP’s 2009 proxy were miscalculated. The correct “other gross-up” figure for Mark Hurd was $4,117 (not $79,814), which is in-line with last year’s figures. Notwithstanding this, some media outlets inaccurately extrapolated the supposed tax rate, resulting in vastly inflated and inaccurate figures for Mark’s meals. While this is not a material disclosure, we wanted to set the record straight.
Good to know. But we have to ask: Which is the worse sin? Lavishing gourmet meals on a highly-regarded CEO? Or screwing up the accounting on SEC filings?