The biggest publicly listed US companies spent $40m last year giving free flights on corporate jets to some of their highest-paid executives.
The Financial Times analysed more than a thousand securities filings to look into this contentious practice and found that a small group of companies, roughly 10 per cent of the S&P 500, accounted for two-thirds of total spending on personal use of corporate aircraft.
$1.2m: Amount Comcast spent on letting its executives take the corporate jet in 2014 $3.75m: Corporate tax deduction denied as a result
Why does Corninggive free flights to its executives? Because of the “limited commercial flight options available in the Corning, New York area,” it says
$1.3m: Amount Google paid Eric Schmidt for company use of his private jets in 2014, at $7,500 per hour $1.4m: How much Oraclepaid a company owned by Larry Ellison in 2014 using its aircrafts $2.5m: Cisco'sreimbursement to John Chambers
All three companies said they paid less than the market rate. These payments do not count as executive perks.
$200,000: Ralph Laurenwas paid that amount by his eponymous company in 2014 to take personal flights on his own private jet
James Gorman's emergency round trip flight to Australia for the death of his mother costMorgan Stanley$237,968
Not just corporate airplanes: New York-based CableVision gave $271,761 worth of free personal flights on the company helicopter to three executives in 2013
CSX Corporation — a railway company — gave free flights on the corporate plane to its chief executive.
$90m: Cost of a Gulfstream V private jet that Apple gave to Steve Jobs in 1999
Barry Diller is chairman of both Expedia and IAC — and has been receiving free personal flights on the corporate jets from both companies