U.S. securities regulators said late Tuesday they have settled charges against small-appliances and tools maker Stanley Black & Decker Inc.
for failing to disclose at least $1.3 million worth of perks it provided to four top executives and one of its directors in the three years to 2020. The perks mostly related to expenses with using the company’s aircraft, the U.S. Securities Exchange Commission said. In addition, former Stanley Black & Decker executive Jeffery D. Ansell has agreed to settle charges that he caused the company to violate proxy solicitation and books and records provisions of federal securities laws, the SEC said. No civil penalties were levied and Stanley Black & Decker self-reported the disclosure failures, cooperated with the investigation, and took action to remedy the situation, the SEC said. Regarding Ansell, the SEC alleged that the senior executive received undisclosed compensation that consisted, in part, of $280,000 in personal expenses he charged to the company. The SEC also declined to bring charges against the company related to Ansell’s conduct, it said. Without admitting or denying the SEC’s findings, Ansell agreed to pay a $75,000 civil penalty. Shares of Stanley Black & Decker dropped 0.8% in the extended session Tuesday after ending the regular trading day down 1.7%.