Eight Outrageous CEO Perks

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5. Pension
>2012 value: $6 million
>CEO: John Watson
>Company: Chevron

John Watson became Chevron’s chairman and CEO in 2010 after holding various positions in the company, including vice chairman of the board, since 1980. Watson’s compensation was $32.2 million in 2012. This seems to have raised the concern of shareholders, who noted that GMI/The Corporate Library, an independent investment research firm, downgraded the company’s shares to a “D.” Some of GMI’s concerns included executive pay. Referencing GMI, a shareholder petition called the raise a “whopping 52% increase that included a $6 million pension increase.” Chevron was fined $19 billion in an Ecuadorian court for environmental damage. Some activists and shareholders have called for Watson’s removal as a result of the scandal. After a lengthy trial, there is currently a ruling pending in New York to determine whether the prosecutor in Chevron’s case fabricated some of the claims made against the oil company.

ALSO READ: The Least Tax-Friendly States for Business

6. Financial planning
> 2012 value: $98,012
> CEO: Andrew Liveris
> Company: The Dow Chemical Company

Andrew Liveris, who joined Dow Chemical in 1976, became the company’s CEO nearly 10 years ago. He currently also serves as president and chairman of the company. Liveris received close to $23 million in total compensation last year, an amount that included more than $98,000 in financial and tax planning. In 2009, Dow was forced to finalize a merger agreement with Rohm & Haas, a company it had agreed to take over before the U.S. economy collapsed. Between the end of 2004, Liveris’ first year as CEO, and the end of 2012, earnings per share, dividend payments, and return on equity all declined.

7. Tax Assistance
> 2012 value: $221,013
> CEO: Robert Stevens
> Company: Lockheed Martin Corporation

Lockheed Martin former CEO Robert Stevens received more than $27.5 million in total compensation in 2012. Part of this compensation included more than $220,000 in tax assistance related to expenses Stevens incurred on company business. At the end of last year, Stevens stepped down as CEO, although he remains the company’s executive chairman. However, the transition was hardly smooth as the company fired his planned successor, Christopher Kubasik, for having an affair with a coworker. From the start of 2004, Stevens’ first year as CEO, through the end of 2012, the company’s share price rose from $51.40 to $92.29, a nearly 80% increase, compared to the S&P 500’s 30% increase over that time.

ALSO READ: The 10 Least Respected Companies in America

8. Legal fees in performance reviews
> 2012 value: $65,000
>CEO: Glenn Murphy
> Company: Gap, Inc.

The Gap CEO and chairman Glenn Murphy earned $24.6 million in fiscal 2012, although most of his compensation was dependent on company performance. The clothing retailer had been struggling for years, marked by store closings and long-term merchandising problems. A noted turnaround experts, made big moves when he was hired in 2007, including closing stores and refocusing on successful brands. In 2012, the company agreed to increase Murphy’s stock-based performance compensation. The company then reimbursed Murphy $65,000 for attorney fees he incurred while his compensation was being negotiated.

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