Aircraft Perks and Payments: SEC Disclosures and Other Issues for Public Companies

Personal use of company aircraft by named executive officers and board members often triggers SEC disclosures for public companies. On the flip side, public company use of aircraft owned by executives and board members may also require disclosure. Companies failing to comply with applicable rules have suffered SEC enforcement, negative publicity and shareholder lawsuits.

This program will provide a general overview of the SEC disclosure requirements and their interplay with FAA and IRS rules to enable attorneys to spot and analyze the public company issues related to aircraft. Joanne Barbera, founding partner of Barbera & Watkins, LLC, a law firm that focuses on business aviation, will describe the regulatory environment and provide examples of aircraft disclosures, SEC enforcement and other legal actions.

Learning Objectives:

1. Identify SEC disclosure requirements under Regulation S-K
2. Appreciate the interaction between SEC, FAA and IRS requirements for business aircraft
3. Review sample aircraft related disclosures of public companies
4. Survey SEC enforcement cases involving aircraft
5. Discuss recent shareholder lawsuits related to aircraft arrangements
6. Determine compliance strategies for your company