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On Friday, Abraxis Bioscience (ABII) filed its proxy
and one of the things that jumped out at me was the hefty increase in
security expenses for Chairman and CEO Patrick Soon-Shiong: $1.06
million, compared with $727K last year.
What potential threats warranted the 45% increase? The proxy
provides few details, other than this footnote: “For security-related
reasons, we provide Dr. Soon-Shiong with the use of cars, security
drivers, security systems for his residences, and personal and family
security services.” The company also cites security — and management
efficiency — as the reason that Dr. Soon-Shiong needed to use the
company’s corporate jets for personal travel too. That expense
increased even more dramatically to $205K from a measly $34K last year.
We’re guessing that probably has more to do with the way the company
calculates the expense since $34K seems unusually small.
I’ll be at the Value Investing Congress today and tomorrow, and hope
to see some of you there. I’ll be live-blogging parts of the event
later today. Originally posted at: http://www.footnoted.org/
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