Client Alert: SEC Issues Guidance on Perquisite and Personal Benefits Disclosure in Response to COVID-19

On September 21, 2020, the SEC’s Division of Corporation Finance issued updated guidance on whether certain perquisites, or perks, provided to executive officers as a result of the ongoing pandemic are required to be considered “all other compensation” and potentially disclosed in the company’s proxy statement. As companies have shifted to remote working arrangements due to COVID-19, public companies considered whether the provision of certain perks to their executives required for working from home would be considered “all other compensation” under Item 402(c)(2)(ix)(A) of Regulation S-K. 

C&DI Question 219.05 confirms that companies should use the traditional two-step analysis set out in Release 33-8732A for determining whether a perk is considered as “all other compensation”. Under this analysis, a public company must consider whether the benefit is “integrally and directly related to the performance of the executive’s duties” or “generally available on a nondiscriminatory basis to all employees.”

Most importantly, the SEC noted in C&DI Question 219.05 that what is “integrally and directly related” to an executive officer’s duties may be different during the COVID-19 pandemic as compared to past years.

To read the full article and the outlined 3 Actions for Consideration, click here.

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© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.

Client Alert: SEC Issues Guidance on Perquisite and Personal Benefits Disclosure in Response to COVID-19

On September 21, 2020, the SEC’s Division of Corporation Finance issued updated guidance on whether certain perquisites, or perks, provided to executive officers as a result of the ongoing pandemic are required to be considered “all other compensation” and potentially disclosed in the company’s proxy statement. As companies have shifted to remote working arrangements due to COVID-19, public companies considered whether the provision of certain perks to their executives required for working from home would be considered “all other compensation” under Item 402(c)(2)(ix)(A) of Regulation S-K. 

C&DI Question 219.05 confirms that companies should use the traditional two-step analysis set out in Release 33-8732A for determining whether a perk is considered as “all other compensation”. Under this analysis, a public company must consider whether the benefit is “integrally and directly related to the performance of the executive’s duties” or “generally available on a nondiscriminatory basis to all employees.”

Most importantly, the SEC noted in C&DI Question 219.05 that what is “integrally and directly related” to an executive officer’s duties may be different during the COVID-19 pandemic as compared to past years.

To read the full article and the outlined 3 Actions for Consideration, click here.

Related Locations

© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.

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