General Electric implemented a policy that requires its vice chairmen to personally pay for any trips–personal or business–on company aircraft once their travel expenses have cost the company $200,000 a year, according to a June 21 filing with the Securities and Exchange Commission. GE requires its chairman, CEO and its vice chairmen to use corporate aircraft for both business and personal flights because of security concerns, the company said. GE operates two S-76Bs, two GIVs, two BBJs and three Challenger 604s. Personal use of company aircraft is again becoming an issue to regulators, such as the SEC and Internal Revenue Service.
GE changes policy on use of aircraft
- October 9, 2006, 4:29 AM