Bucyrus Nixes Exec Perks

The Baltimore Business Journal reported today that Bucyrus International has eliminated all top-level executive perks such as cars and club membership dues. Some experts say this could be a new trend that other publicly traded companies might follow.

According to a preliminary proxy statement filed March 4 with the U.S. Securities and Exchange Commission, instead of perks, the board announced more competitive base salaries and “at-risk” pay, such as cash bonuses based on performance.

Bucyrus International, which designs and manufactures mining equipment for surface and underground mining in South Milwaukee, Wisc., has come under pressure last year after the SEC changed its regulation demanding more transparency about executive compensation from publicly traded companies.