{"id":23734,"date":"2025-11-24T11:50:00","date_gmt":"2025-11-24T10:50:00","guid":{"rendered":"https:\/\/www.labrador-transparency.com\/?p=23734"},"modified":"2026-06-05T05:39:35","modified_gmt":"2026-06-05T04:39:35","slug":"executive-security-disclosure","status":"publish","type":"post","link":"https:\/\/www.labrador-transparency.com\/en\/blog\/executive-security-disclosure\/","title":{"rendered":"Executive Security Disclosure"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"23734\" class=\"elementor elementor-23734\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c5b96e0 e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"c5b96e0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-2c7ab5a e-con-full e-ecs-flex e-flex e-con e-child\" data-id=\"2c7ab5a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-922d54d elementor-widget elementor-widget-text-editor\" data-id=\"922d54d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>An\u00a0<a href=\"https:\/\/corpgov.law.harvard.edu\/2025\/05\/01\/executive-security-spending-shifts-from-perk-to-priority\/\">Equilar study<\/a>\u00a0of proxies filed by S&amp;P 500 companies in the first quarter of 2025 revealed that over 30% made arrangements to protect one or more executives in 2024\u2014a 27.8% increase from 2023 and a 47.6% increase from 2021. The cost of these arrangements has steadily climbed as well, rising from a median of $43,068 in 2021 to $94,276 in 2024.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-63630d2 elementor-widget elementor-widget-text-editor\" data-id=\"63630d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>For example, many recent proxy statements disclose that the company engaged in a risk assessment (some internal, some by independent third parties) to determine the need for and optimal scope of security programs. In addition, several companies took the precaution of removing all director and NEO photographs from their proxy statements, reversing course on a yearslong trend toward including headshots.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17436c1 elementor-widget elementor-widget-heading\" data-id=\"17436c1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">SEC Guidance on Executive Security Challenged<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b8cf97 elementor-widget elementor-widget-text-editor\" data-id=\"0b8cf97\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Although one can easily argue that protecting executives is a business necessity, SEC guidance <a href=\"https:\/\/www.sec.gov\/files\/rules\/final\/2006\/33-8732afr.pdf#page=21\" target=\"_blank\" rel=\"noopener\">states<\/a> that <strong>safeguards like home security systems and use of corporate aircraft are considered \u201cperquisites,\u201d<\/strong> and they must be quantified and disclosed as such under Item 402 of Regulation S-K. Specifically, the SEC <a href=\"https:\/\/www.sec.gov\/files\/rules\/final\/2006\/33-8732afr.pdf#page=20\" target=\"_blank\" rel=\"noopener\">contends<\/a> that \u201can item is a perquisite or personal benefit if it confers a direct or indirect benefit that has a personal aspect, without regard to whether it may be provided for some business reason or for the convenience of the company.\u201d<\/p>\n<p><a href=\"https:\/\/corpgov.law.harvard.edu\/2025\/01\/17\/should-sec-revisit-executive-security-perquisite-disclosure\/\" target=\"_blank\" rel=\"noopener\"><strong>Some have called for the Commission to rethink that position.<\/strong><\/a> Notably, the topic was raised during the SEC\u2019s June 2025 roundtable on executive compensation.<\/p>\n<p>At the same time, <strong>numerous companies are pointedly challenging the characterization of security arrangements as a perquisite.<\/strong> S&amp;P Global, for example, explains in its <a href=\"https:\/\/s29.q4cdn.com\/690959130\/files\/doc_financials\/2025\/sr\/S-P-Global_2025-Proxy-Statement.pdf#page=66\">most recent proxy<\/a>: \u201cWe view \u2026 security-related costs as critical to the safety of our CEO and former CEO and thus to the operation of our business and our ongoing success and we do not view these costs as providing additional compensation or personal benefits to our executives.\u201d <a href=\"https:\/\/www.cvshealthannualmeeting.com\/proxy-statement\/?p=78&amp;v=false\" target=\"_blank\" rel=\"noopener\">CVS<\/a> and <a href=\"https:\/\/investors.broadcom.com\/static-files\/7a669fec-a778-40db-9ecd-3731a0df4db9\" target=\"_blank\" rel=\"noopener\">Broadcom<\/a>, among others, include similar statements in their perquisites disclosures. The SEC may decide to revisit this issue, but for the 2026 proxy season at least, executive security is a \u201cperquisite.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a605c0 elementor-widget elementor-widget-heading\" data-id=\"1a605c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Example<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-578d953 elementor-widget elementor-widget-heading\" data-id=\"578d953\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Explained the Need for Additional Security  Measures<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-825caf7 elementor-widget elementor-widget-text-editor\" data-id=\"825caf7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p data-pm-slice=\"1 1 []\">Some companies acknowledged\u2014either directly or obliquely\u2014the changed environment.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e2a905 elementor-widget elementor-widget-heading\" data-id=\"1e2a905\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.lockheedmartin.com\/content\/dam\/lockheed-martin\/eo\/documents\/annual-reports\/2025-proxy-statement.pdf#page=63\" target=\"_blank\" rel=\"nofollow\">Lockheed Martin 2025 Proxy Statement<\/a><\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d5d85f elementor-widget elementor-widget-text-editor\" data-id=\"6d5d85f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>The section on \u201cperquisites and security\u201d in Lockheed Martin\u2019s 2025 proxy is longer and more direct about the need for security arrangements than the similar section in 2024. In addition, the disclosure reveals that more precautions were taken and the amount of money devoted to security was increased.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f7b4c44 elementor-widget elementor-widget-image\" data-id=\"f7b4c44\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"570\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-01-Executive-Security-Disclosure2x-1024x729.webp\" class=\"attachment-large size-large wp-image-23363\" alt=\"img 01 Executive Security Disclosure2x\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-01-Executive-Security-Disclosure2x-1024x729.webp 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-01-Executive-Security-Disclosure2x-300x214.webp 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-01-Executive-Security-Disclosure2x-768x547.webp 768w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-01-Executive-Security-Disclosure2x-1536x1094.webp 1536w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-01-Executive-Security-Disclosure2x-2048x1459.webp 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f5ec49 elementor-widget elementor-widget-heading\" data-id=\"6f5ec49\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.jnj.com\/download\/johnson-johnson-2025-proxy.pdf#page=71\" target=\"_blank\" rel=\"nofollow\">Johnson &amp; Johnson 2025 Proxy Statement<\/a><\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1b485d8 bullet-list elementor-widget elementor-widget-text-editor\" data-id=\"1b485d8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>J&amp;J greatly expanded its security-related perquisites in late 2024. Previously, NEOs had the option to use company aircraft for personal travel. That policy remains in effect for most of the NEOs, but the CEO is now required to use company aircraft for all of his travel. The CEO also is newly required to \u201cuse an armed driver and secure Company vehicle\u201d at all times. That option is available, but not mandatory, for the other NEOs.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d85ee5d elementor-widget elementor-widget-image\" data-id=\"d85ee5d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"588\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-02-Executive-Security-Disclosure2x-1024x752.webp\" class=\"attachment-large size-large wp-image-23365\" alt=\"img 02 Executive Security Disclosure2x\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-02-Executive-Security-Disclosure2x-1024x752.webp 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-02-Executive-Security-Disclosure2x-300x220.webp 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-02-Executive-Security-Disclosure2x-768x564.webp 768w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-02-Executive-Security-Disclosure2x-1536x1128.webp 1536w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-02-Executive-Security-Disclosure2x-2048x1504.webp 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab1a7b9 elementor-widget elementor-widget-heading\" data-id=\"ab1a7b9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.cvshealthannualmeeting.com\/media\/hwxcjreo\/cvs002_pxy_2025_bookmarkedv2.pdf#page=78\" target=\"_blank\" rel=\"nofollow\">CVS 2025 Proxy Statement<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-09a341e elementor-widget elementor-widget-text-editor\" data-id=\"09a341e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>CVS provided air and ground transportation to certain executives in 2024, but the 2025 proxy statement discloses the addition of \u201cpersonal security benefits\u201d in response to \u201crecent events and increased safety concerns.\u201d<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b1eccf1 elementor-widget elementor-widget-image\" data-id=\"b1eccf1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"775\" height=\"1024\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-03-Executive-Security-Disclosure2x-775x1024.webp\" class=\"attachment-large size-large wp-image-23367\" alt=\"img 03 Executive Security Disclosure2x\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-03-Executive-Security-Disclosure2x-775x1024.webp 775w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-03-Executive-Security-Disclosure2x-227x300.webp 227w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-03-Executive-Security-Disclosure2x-768x1015.webp 768w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-03-Executive-Security-Disclosure2x-1162x1536.webp 1162w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-03-Executive-Security-Disclosure2x-1550x2048.webp 1550w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-03-Executive-Security-Disclosure2x-scaled.webp 1937w\" sizes=\"(max-width: 775px) 100vw, 775px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9998444 elementor-widget elementor-widget-heading\" data-id=\"9998444\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Added Security Measures Without Giving a Specific Reason<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a290b1 elementor-widget elementor-widget-text-editor\" data-id=\"4a290b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Not every company that increased executive security chose to explain why.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22b6f84 elementor-widget elementor-widget-heading\" data-id=\"22b6f84\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/investors.broadcom.com\/static-files\/7a669fec-a778-40db-9ecd-3731a0df4db9#page=49\" target=\"_blank\" rel=\"nofollow\">Broadcom 2025 Proxy Statement<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ce435f elementor-widget elementor-widget-text-editor\" data-id=\"7ce435f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>In 2024, the only perquisite that Broadcom specifically mentioned for the CEO was a car service for business travel and reimbursement for travel to his residence in another state. The 2025 proxy statement discloses \u201cresidential and personal security.\u201d<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fdce9d2 elementor-widget elementor-widget-image\" data-id=\"fdce9d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"335\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-04-Executive-Security-Disclosure2x-1024x429.webp\" class=\"attachment-large size-large wp-image-23369\" alt=\"img 04 Executive Security Disclosure2x\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-04-Executive-Security-Disclosure2x-1024x429.webp 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-04-Executive-Security-Disclosure2x-300x126.webp 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-04-Executive-Security-Disclosure2x-768x322.webp 768w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-04-Executive-Security-Disclosure2x-1536x644.webp 1536w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-04-Executive-Security-Disclosure2x-2048x858.webp 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e8189b6 elementor-widget elementor-widget-heading\" data-id=\"e8189b6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/delivery-p137454-e1438138.adobeaemcloud.com\/adobe\/assets\/urn:aaid:aem:7e06bf8a-2448-464c-9bc4-ca71054ddd88\/renditions\/original\/as\/2025-Proxy-Statement.pdf?assetname=2025ProxyStatement.pdf#page=61\" target=\"_blank\" rel=\"nofollow\">Eli Lilly 2025 Proxy Statement<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57308c8 elementor-widget elementor-widget-text-editor\" data-id=\"57308c8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Eli Lilly previously offered its CEO personal use of corporate aircraft. The 2025 proxy discloses more extensive security precautions for more executives, though the Summary Compensation Table only included security services for the CEO.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9d5f689 elementor-widget elementor-widget-image\" data-id=\"9d5f689\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"385\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-05-Executive-Security-Disclosure2x-1024x493.webp\" class=\"attachment-large size-large wp-image-23371\" alt=\"img 05 Executive Security Disclosure2x\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-05-Executive-Security-Disclosure2x-1024x493.webp 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-05-Executive-Security-Disclosure2x-300x144.webp 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-05-Executive-Security-Disclosure2x-768x370.webp 768w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-05-Executive-Security-Disclosure2x-1536x739.webp 1536w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-05-Executive-Security-Disclosure2x-2048x986.webp 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1819695 elementor-widget elementor-widget-heading\" data-id=\"1819695\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Relied on Outside Recommendations<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-75f591c elementor-widget elementor-widget-text-editor\" data-id=\"75f591c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Some companies indicate that they sought advice from independent security professionals to determine what safeguards they should implement. This step may make expensive security measures more palatable to investors and proxy advisors.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65aaa21 elementor-widget elementor-widget-heading\" data-id=\"65aaa21\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/s29.q4cdn.com\/585078350\/files\/doc_events\/2025-Notice-of-Annual-Meeting-of-Stockholders-and-Proxy-Statement.pdf#page=67\" target=\"_blank\" rel=\"nofollow\">Gilead Sciences 2025 Proxy Statement<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-543d261 elementor-widget elementor-widget-text-editor\" data-id=\"543d261\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>Gilead Sciences (which did not change its perquisite disclosure from 2024 to 2025) notes that the Board relied on the findings of an independent study when deciding what security measures to implement.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-89c2037 elementor-widget elementor-widget-image\" data-id=\"89c2037\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"320\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-06-Executive-Security-Disclosure2x-1024x410.webp\" class=\"attachment-large size-large wp-image-23373\" alt=\"img 06 Executive Security Disclosure2x\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-06-Executive-Security-Disclosure2x-1024x410.webp 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-06-Executive-Security-Disclosure2x-300x120.webp 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-06-Executive-Security-Disclosure2x-768x308.webp 768w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-06-Executive-Security-Disclosure2x-1536x615.webp 1536w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-06-Executive-Security-Disclosure2x-2048x820.webp 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab6e547 elementor-widget elementor-widget-heading\" data-id=\"ab6e547\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.spglobal.com\/content\/dam\/spglobal\/corporate\/en\/annual-reports\/2024\/SPGlobal_2025ProxyStatement.pdf#page=66\" target=\"_blank\" rel=\"nofollow\">S&amp;P Global 2025 Proxy Statement<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a913da3 elementor-widget elementor-widget-text-editor\" data-id=\"a913da3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>S&amp;P Global relied on the recommendations of an independent security firm to enhance their security arrangements for senior executives. The 2024 proxy statement disclosed only a company car and driver for the CEO\u2019s security. The 2025 proxy statement refers more broadly to \u201cexecutive security services.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5a1db2 elementor-widget elementor-widget-image\" data-id=\"e5a1db2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"468\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-07-Executive-Security-Disclosure2x-1024x599.webp\" class=\"attachment-large size-large wp-image-23375\" alt=\"img 07 Executive Security Disclosure2x\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-07-Executive-Security-Disclosure2x-1024x599.webp 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-07-Executive-Security-Disclosure2x-300x176.webp 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-07-Executive-Security-Disclosure2x-768x449.webp 768w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-07-Executive-Security-Disclosure2x-1536x899.webp 1536w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-07-Executive-Security-Disclosure2x-2048x1199.webp 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84d5e7a elementor-widget elementor-widget-heading\" data-id=\"84d5e7a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1373715\/000137371525000110\/now2025proxycourtesycopy.pdf#page=81\" target=\"_blank\" rel=\"nofollow\">ServiceNow 2025 Proxy Statement<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e855b1 elementor-widget elementor-widget-text-editor\" data-id=\"9e855b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>ServiceNow engaged an independent security firm for the first time in 2024. Notably, the company spent almost $1.9 million on home security systems and upgrades for the CEO that year.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f6cfe1a elementor-widget elementor-widget-image\" data-id=\"f6cfe1a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"424\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-08-Executive-Security-Disclosure2x-1024x543.webp\" class=\"attachment-large size-large wp-image-23377\" alt=\"img 08 Executive Security Disclosure2x\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-08-Executive-Security-Disclosure2x-1024x543.webp 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-08-Executive-Security-Disclosure2x-300x159.webp 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-08-Executive-Security-Disclosure2x-768x407.webp 768w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-08-Executive-Security-Disclosure2x-1536x814.webp 1536w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-08-Executive-Security-Disclosure2x-2048x1086.webp 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d509550 elementor-widget elementor-widget-heading\" data-id=\"d509550\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Maintained Security Measures Already in Place<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-493b3f2 elementor-widget elementor-widget-text-editor\" data-id=\"493b3f2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>.Companies that had already implemented security precautions before 2024 often made tweaks to their disclosure.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9375e1c elementor-widget elementor-widget-heading\" data-id=\"9375e1c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/s205.q4cdn.com\/626266368\/files\/doc_financials\/2025\/ar\/Salesforce-FY25-Proxy-Statement.pdf#page=71\" target=\"_blank\" rel=\"nofollow\">Salesforce 2025 Proxy Statement<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ad6cc88 elementor-widget elementor-widget-text-editor\" data-id=\"ad6cc88\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>After CEO security expenses rose from $1.545 million in 2023 to $4.651 million in 2024, the company agreed with investors that security-related expenses for 2025 and 2026 would be capped at 2024 amounts.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-885a537 elementor-widget elementor-widget-image\" data-id=\"885a537\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"1003\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-09-Executive-Security-Disclosure2x-817x1024.webp\" class=\"attachment-large size-large wp-image-23379\" alt=\"img 09 Executive Security Disclosure2x\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-09-Executive-Security-Disclosure2x-817x1024.webp 817w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-09-Executive-Security-Disclosure2x-239x300.webp 239w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-09-Executive-Security-Disclosure2x-768x962.webp 768w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-09-Executive-Security-Disclosure2x-1226x1536.webp 1226w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-09-Executive-Security-Disclosure2x-1634x2048.webp 1634w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-09-Executive-Security-Disclosure2x-scaled.webp 2043w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9973b18 elementor-widget elementor-widget-heading\" data-id=\"9973b18\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/d1io3yog0oux5.cloudfront.net\/_5fa4a169faddc257a10f7907ea8ce388\/pnc\/files\/pages\/news-events\/annual-shareholders-meeting\/PNC_2025_Proxy_Statement.pdf#page=93\" target=\"_blank\" rel=\"nofollow\">PNC Financial Services 2025 Proxy Statement<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-34618d9 elementor-widget elementor-widget-text-editor\" data-id=\"34618d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>PNC\u2019s 2024 proxy referred (for the first time) to \u201cverified incidents regarding [the CEO\u2019s] personal safety.\u201d The language in the 2025 proxy is more specific and extends to all the NEOs.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ee18ad elementor-widget elementor-widget-image\" data-id=\"6ee18ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"262\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-10-Executive-Security-Disclosure2x-1024x335.webp\" class=\"attachment-large size-large wp-image-23381\" alt=\"img 10 Executive Security Disclosure2x\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-10-Executive-Security-Disclosure2x-1024x335.webp 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-10-Executive-Security-Disclosure2x-300x98.webp 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-10-Executive-Security-Disclosure2x-768x251.webp 768w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-10-Executive-Security-Disclosure2x-1536x502.webp 1536w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-10-Executive-Security-Disclosure2x-2048x669.webp 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-75520d8 elementor-widget elementor-widget-heading\" data-id=\"75520d8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/d1io3yog0oux5.cloudfront.net\/_c138057a45e97cd10ae03f84bac0c3c1\/intel\/db\/956\/9016\/file\/2025+Proxy+ADA+file.pdf#page=60\" target=\"_blank\" rel=\"nofollow\">Intel 2025 Proxy Statement<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b06d5d2 elementor-widget elementor-widget-text-editor\" data-id=\"b06d5d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Intel has, for many years, provided security services to certain NEOs and continually challenged the characterization of those services as perquisites.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f80d014 elementor-widget elementor-widget-image\" data-id=\"f80d014\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"427\" src=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-11-Executive-Security-Disclosure2x-1024x547.webp\" class=\"attachment-large size-large wp-image-23383\" alt=\"img 11 Executive Security Disclosure2x\" srcset=\"https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-11-Executive-Security-Disclosure2x-1024x547.webp 1024w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-11-Executive-Security-Disclosure2x-300x160.webp 300w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-11-Executive-Security-Disclosure2x-768x410.webp 768w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-11-Executive-Security-Disclosure2x-1536x820.webp 1536w, https:\/\/www.labrador-transparency.com\/wp-content\/uploads\/2025\/11\/img-11-Executive-Security-Disclosure2x-2048x1093.webp 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a396557 e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"a396557\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>In the second installation of our weekly Proxy Trends series, we take a closer look at how public companies addressed executive security in their 2025 proxy statements.<\/p>\n","protected":false},"author":19,"featured_media":18798,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[64],"tags":[],"class_list":["post-23734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-proxy-reporting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Executive Security Disclosure<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.labrador-transparency.com\/en\/blog\/executive-security-disclosure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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