Directors of Occidental Petroleum Corp. want to keep Chief Executive Ray R. Irani safe. So they spent $774,756 last year on home-alarm systems and around-the-clock security guards for the CEO. 'We live in dangerous times,' a company spokesman says. 'Executives from oil-and-gas companies have been threatened and abducted.'

Directors of Valero Energy Corp., a rival oil concern with more than four times Occidental's revenue, aren't as worried. Their spending on security for CEO William R. Klesse last year totaled just $239 for a home-alarm monitoring service, a perquisite recently extended to all Valero workers. Bill Day, a spokesman, notes the company isn't well known.

The disparity in security spending for big-company CEOs emerged in an analysis of 247 recent proxy statements for The Wall Street Journal by James F. Reda & Associates, a New York pay consultancy. The differences reflect risk assessments by outside security advisers, a CEO's tenure and whether a company is involved in high-risk regions, experts say. The 247 companies represent the Fortune 300 companies that had filed their latest proxies at the time of the analysis.

For the most generous boards, 'it's almost like an arms race as directors demonstrate how critical their chief executive is to the company,' says Mark Borges, a pay consultant at Compensia Inc. in San Jose, Calif.

Of the proxies reviewed, 91 companies reported security expenses to protect their CEOs, and 56 of those specified an amount. Some companies don't disclose a dollar figure because it is below reporting thresholds; others count security as an ordinary business expense. The Securities and Exchange Commission considers security at an executive's residence or during personal travel a perquisite that should be disclosed if the value reaches a certain threshold.

Corporate spending on CEO security may be more prevalent than the survey indicates. Bob Duggan, president of Executive Security International, a training firm in Aspen, Colo., figures at least 75 American CEOs have round-the-clock protection, three times as many as a decade ago. Businesses fear threats from kidnapping, extortion, disgruntled employees and random violence, he says.

The biggest spender in Reda's study was Oracle Corp. The software maker paid about $1.7 million in the year ended May 31, 2007, mainly for guards at residences of Lawrence Ellison, its billionaire CEO and founder. Board members support the outlays because he's so important to Oracle, the latest proxy states. It also says Mr. Ellison paid to install and maintain his home-security systems. Oracle declined to comment.

Next up was Limited Brands Inc., which spent $1.25 million in the year ended Feb. 2 to protect CEO Leslie Wexner, who founded the Columbus, Ohio, retailer in 1963. The total includes an unspecified amount for his personal use of corporate aircraft, which the company requires.

Limited's proxy lacks other details, but people familiar with the situation say the tab covers security for Mr. Wexner's 22,371-square-foot home on a 300-acre estate in nearby New Albany, as well as for other homes and a yacht. The proxy says directors approved the spending because of 'the risks associated with Mr. Wexner's role and position.' The executive, a prominent Jewish philanthropist, 'has been the target of specific threats,' an informed individual says. Founder CEOs often become targets of specific threats identified with their religion, the person said. Mr. Wexner declined to comment.

Such justifications for shelling out big bucks to protect corporate chiefs don't sway some activist investors. 'Security has become a convenient excuse for getting shareholders to pick up the cost for the CEO's lifestyle,' complains Richard Ferlauto, director of corporate governance and pension investment at the American Federation of State, County and Municipal Employees.

Other retailers don't spend as much. Macy's Inc. reported spending $86,956 during the year ended Feb. 2 to protect CEO Terry J. Lundgren. The amount covers a specially equipped SUV driven by a security professional for his commute, personal use and certain business trips. The benefit, recommended by a consultant, ensures the safety of Mr. Lundgren, 'who maintains a significant public role,' the Cincinnati retailer says in its proxy. (Mr. Lundgren lives and works in New York.)

Six companies that reported spending on CEO security in 2006 didn't divulge any expense last year, Reda found. They include International Paper Co., whose directors spent $52,000 in 2006 to install a home-security system for CEO John V. Faraci after the company's headquarters moved to Memphis, Tenn. Mr. Faraci pays for the ongoing monitoring, spokeswoman Patty Neuhoff says.

Occidental Petroleum Corp.董事会希望能保证首席执行长雷•R•伊拉尼(Ray R. Irani)的绝对安全，于是，他们去年花了774,756美元用于伊拉尼的住宅警报系统和24小时保安服务。公司一位发言人说：我们生活在一个充满危险的时代；已经有多家油气公司的高级管理人士受到过威胁乃至绑架。

另一家石油企业Valero Energy Corp.的收入比Occidental高出三倍有余，但该公司的董事们对安全问题却显得没那么揪心。他们去年用于首席执行长威廉•R•克莱西(William R. Klesse)的保安支出也就是花费区区239美元装了个家庭报警监控装置；而这项补贴政策今年已惠及了公司所有员工。Valero发言人比尔•戴(Bill Day)说，公司还不是很知名。

Occidental Petroleum首席执行长伊拉尼纽约薪酬咨询公司James F. Reda & Associates最近根据247家公司的代理权声明为《华尔街日报》完成了一份大公司首席执行长保安开支分析，揭示了各家公司在这方面的差异。专家表示，差异的原因来自于外部顾问机构的风险评估、首席执行长的任期、公司是否在高风险地区有业务等各方面的因素。这247家公司是财富300强公司中截至分析报告编制时发表最新代理权声明的公司。

Compensia Inc.薪酬咨询师马克•鲍戈斯(Mark Borges)说，那些最大方的董事会简直把保安开支搞成了军备竞赛，董事们藉此显示出他们的首席执行长对公司有多么重要。

在调查涉及的代理权声明中，有91家企业表示公司有用于保护首席执行长安全的开支，其中有56家还公布了具体金额。有些公司没有披露具体金额，因为这笔花销尚达不到需要报告的下限，其他公司则将其列为一般性业务费用。根据证券交易委员会(SEC)的规定，用于首席执行长住宅或个人旅行期间的保安费用应被视为额外补贴，达到一定金额后应予披露。

不过，公司在首席执行长保安方面的开支或许比调查反映的更普遍。培训机构Executive Security International总裁鲍伯•杜根(Bob Duggan)估计，美国公司至少有75位首席执行长享受全天24小时保安服务，这个数字比10年前增加了两倍。

Reda的研究报告中，在首席执行长保安开支方面最大手笔的是甲骨文(Oracle Corp.)。在截至2007年3月31日的财年，这家公司共花费了170万美元，用于公司创始人、亿万富翁首席执行长劳伦斯•埃里森(Lawrence Ellison)的住宅保安。甲骨文代理权声明中说，董事会支持这项开支，因为埃里森对甲骨文太重要。这套住宅保安系统的安装和维护费用由埃里森自己支付。甲骨文公司拒绝就此发表评论。

排在甲骨文后面的是Limited Brands Inc.，它在2007年2月2日结束的财年为保护首席执行长莱斯利•威斯纳(Leslie Wexner)共花了125万美元。威斯纳在1963年创建了这家公司。这笔钱包括他个人使用公司飞机的花费，具体数目不详。

Limited的委托书没有公布其他细节，但知情人士说，这笔费用还包括用于威斯纳在新阿尔伯尼一处300英亩土地上的一幢22,371平方英尺豪宅及其他住宅和一艘游艇的保安费用。委托书中称，董事们之所以批准这项开支，是因为“威斯纳所担当的角色和职位的相关风险”。一位了解情况的人士说，身为犹太慈善家的威斯纳“一直受到某些势力的威胁”。这位人士表示，作为公司创始人的首席执行长们经常会受到与他们信仰的宗教有关的威胁。威斯纳拒绝发表相关评论。

但是，对花费如此大笔资金保护公司首脑所作的这些辩辞并不能让一些维权投资者信服。美国州、县、市劳工联盟(American Federation of State, County and Municipal Employees)企业治理和退休基金投资主管理查德•法劳托(Richard Ferlauto)说，为让股东承担首席执行长维持生活方式的成本，保安开支已经成为一些公司动辄拿来一用的借口。

其他零售企业的花费就没这么多。梅西百货(Macy's Inc.)公布，在截至2月2日的财年，首席执行长特里•朗格林(Terry J. Lundgren)的保安支出为86,956美元，其中包括一辆专业保安人员驾驶、供他上下班、个人事务及某些公司事务用的有特殊装备的SUV。公司代理权声明说，这项由专业咨询机构建议的福利措施保证了朗格林的安全，“他担负着重大的公共角色”。

Reda发现，六家公布首席执行长2006年保安开支的公司没有透露去年的费用，其中包括国际纸业(International Paper Co.)。公司总部迁至孟菲斯后，该公司2006年花费52,000美元为首席执行长约翰•法拉奇(John V. Faraci)安装了住宅保安系统。公司发言人帕蒂•纽霍夫(Patty Neuhoff)说，法拉奇负担系统日常运行发生的费用。

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