A routine (usually annual) luxurious vacation taken at the company's expense by equity owners or senior executives for the purposes of indulging in golf, fine dining and other forms of entertainment (legitimate or otherwise) under the pretense (mostly for the benefit of their spouses and employees) of working and for other business purposes. Also known as a "management re-treat" or a "partner re-treat".
Did you get a lot done at the re-treat this year, Bud?
Yeah! I shaved a stroke off my handicap and got two hour-long massages and a facial.