Hilton Worldwide Holdings Inc. will pay $ 600,000 to settle US securities fees related to the benefits it claims to provide its executives.
The SEC said in a statement on Wednesday that the McLean, Virginia-based hotel chain had failed to fully disclose $ 1.7 million in travel and personal benefits it had provided to its executives from 2015 to 2018.
It said the conditions included the CEO's personal use of Hilton's corporate aircraft and executives hotel stays. The fee decision stated that Hilton does not apply the SEC's rules on disclosure of compensation to its system by identifying, tracking and calculating conditions. The company had been accused of violating securities laws.
The SEC said in its order to settle the issue that when it decided to accept Hilton's liquidation offer, the company "considered immediate action" by the company and "the cooperation provided Commission staff."
A Hilton spokesman said in a statement that proud of its reputation for compliance with legislation and financial information, and appreciates the SEC, which credits the company for its revised publication in 201
Stephanie Avakian, Head of the SEC's Compliance Department, said in a statement: "We remain focused on ensuring that companies provide the necessary information, including those relating to travel – related benefits and personal benefits.
"We will continue to use risk-based analysis to identify companies that do not comply with the Commission's rules on disclosure of compensation."
Stephanie Avakian, Head of SEC Divis In a statement, "We remain focused on seeing companies provide the necessary information, including those relating to travel – related benefits and personal benefits.
"We will continue to use risk-based analysis to identify failing companies. To comply with the Commission's rules on the publication of compensation."