Bankrupt retailer Express avoids fine in SEC understated CEO perks case

The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said Tuesday.

The SEC acts as a watchdog for investors, and requires that companies provide complete information about compensation packages so investors can accurately evaluate the finances of a company. It is common for executives to receive hefty bonuses and perks that can dramatically increase their compensation.

The SEC requires companies to disclose the value of bonuses and certain personal benefits given to named executives that total more than $10,000 in a year.