Companies Such As Actavis (ACT) Find Ways To Flee Taxes And Make CEOs Richer While At It
1/27/2014 7:17:49 AM
Ten years ago, Congress passed a law intended to penalize chief executive officers whose companies shift their legal addresses to tax havens. It hasn’t worked out as planned. Companies have found ways around the law that create new rewards for executives. When Actavis Inc. (ACT:US) changed its incorporation to Ireland in October, the New Jersey-based drugmaker helped CEO Paul Bisaro avoid the law’s bite by handing him more than $40 million of stock as much as three years ahead of its schedule, then promising him an additional $5 million to remain with the company.
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