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Golden parachutes
Picture: Opale Parachutes

 

Golden parachutes

Esoteric jargon for the practice, more common in the U.S.A., of providing package deals for senior company executives which give them various financial benefits and other privileges should their tenure of office be determined by virtue of a change in effective control of the company due to a take-over or major reshuffle of ownership. It can apply both where the executive loses his position or where circumstances make it desirable that he should relinquish it.

Reference: The Penguin Business Dictionary, 3rd edt.