Tyson Foods is expected to settle with the Securities & Exchange Commission over charges that the company did not properly disclose executive perks.
Tyson offered to pay a $1.5 million civil penalty, with former Senior Chairman Don Tyson paying an additional $200,000 penalty, to settle charges that Tyson didn’t adequately disclose $1.7 million in perks given to him between 1997 and 2003. The settlement does not require the company or the executive to admit wrong-doing.
SEC staff will recommend the settlement to the SEC, which has final approval.
The commission began a formal investigation of Tyson in March, then told Springdale, AR-based Tyson in August that SEC staff recommended civil action against the company, and against two Tyson employees who allowed the reporting lapse. (The SEC later withdrew the latter.)
The investigation has no impact on marketing budgets or plans.
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