This new report from Labrador: “Executive Security Disclosure – 2025 Proxy Trends with Insights for 2026” provides examples of executive security disclosure from 2025 proxy statements. Disclosures are grouped based on like content and include the following observations from the firm:
Explained the need for additional security measures
- Lockheed Martin — The section on “perquisites and security” in Lockheed Martin’s 2025 proxy is longer and more direct about the need for security arrangements than the similar section in 2024. In addition, the disclosure reveals that more precautions were taken and the amount of money devoted to security was increased.
- Johnson & Johnson — J&J greatly expanded its security-related perquisites in late 2024. Previously, NEOs had the option to use company aircraft for personal travel. That policy remains in effect for most of the NEOs, but the CEO is now required to use company aircraft for all of his travel. The CEO also is newly required to “use an armed driver and secure Company vehicle” at all times. That option is available, but not mandatory, for the other NEOs.
- CVS — CVS provided air and ground transportation to certain executives in 2024, but the 2025 proxy statement discloses the addition of “personal security benefits” in response to “recent events and increased safety concerns.”
Added security measures without giving a specific reason
- Broadcom — In 2024, the only perquisite that Broadcom specifically mentioned for the CEO was a car service for business travel and reimbursement for travel to his residence in another state. The 2025 proxy statement discloses “residential and personal security.”
- Eli Lilly — Eli Lilly previously offered its CEO personal use of corporate aircraft. The 2025 proxy disclosed more extensive security precautions for more executives; the Summary Compensation Table only included security services for the CEO.
Relied on outside recommendations
- Gilead Sciences — Gilead Sciences (which did not change its perquisite disclosure from 2024 to 2025) notes that its board relied on the findings of an independent study when deciding what security measures to implement.
- S&P Global — S&P Global relied on the recommendations of an independent security firm to enhance their security arrangements for senior executives. The 2024 proxy statement disclosed only a company car and driver for the CEO’s security. The 2025 proxy statement refers more broadly to “executive security services.”
- Service Now — ServiceNow engaged an independent security firm for the first time in 2024. The company spent almost $1.9 million on home security systems and upgrades for the CEO that year.
Maintained security measures already in place
- Salesforce — After CEO security expenses rose from $1.545 million in 2023 to $4.651 million in 2024, the company agreed with investors that security-related expenses for 2025 and 2026 would be capped at 2024 amounts.
- PNC Financial Services — PNC’s 2024 proxy referred for the first time to “verified incidents regarding [the CEO’s] personal safety.” The language in the 2025 proxy is more specific and extends to all the NEOs.
- Intel — Intel has, for many years, provided security services to certain NEOs and has continually challenged the characterization of those services as perquisites.
See the Key Takeaways from our January 2025 Corporate Executive Security Practices Virtual Roundtable and additional resources on our Risk Management & Oversight page, Executive Pay page, and Proxy Statement page.
This post first appeared in the weekly Society Alert!