Stanley Black & Decker (NYSE:SWK) and a former executive have been charged by the Securities and Exchange Commission (SEC) today for their failure to disclose executive perks.
According to SEC, the company failed to disclose over $1.3 million worth of benefits provided to certain executives and directors, mainly related to their use of corporate aircraft, from 2017 to 2020.
The SEC found that Stanley Black & Decker did not appropriately follow compensation disclosure rules regarding the identification and calculation of these perks. However, the company self-reported the failures, cooperated with the SEC's investigation, and implemented corrective measures, resulting in no civil penalty being imposed.
Furthermore, the report stated that the former executive, Jeffrey D. Ansell, received undisclosed compensation, including personal expenses totaling $280,000 charged to the company. Ansell also consented to an order requiring him to cease and desist from violations of proxy solicitation and books and records provisions of the Exchange Act and to pay a $75,000 civil penalty.