Working for Boeing, originally they said all loyalty points/miles earned on company travel belonged to company. However the union argued that since we often travel on our own time (and engineering was not allowed to charge for or take credit for travel time after hours/on weekends) that we'd 'earned' those miles/points. Since the whole thing was a logistical night mare Boeing finally relented and allowed the employees to keep the points/miles (though insisting we still had to use the lowest cost travel options regardless of loyalty programs). In my case it ultimately saved the company a little money since, for the last ten years I worked there, my Delta miles kept me silver or gold medallion, which gets you free checked baggage.
However, any refund or compensation due to getting bumped or downgraded still belong to the company.
Interesting side note - many years ago while on a trip to Rolls in Derby, my co-worker suffered a medical emergency and ended up spending about a month in the hospital there - long enough that his wife flew over on her own dime to be with him. When he finally was cleared to fly home, he had a business class ticket on BA, while his wife's ticket was coach. So he asked if they could possibly upgrade his wife to that could sit together. 'Oh no, we can't do that' - so he responded 'OK, then downgrade me to coach so we can sit together and refund the difference to Boeing'. The BA agent suddenly saw a couple thousand in airfare floating away back to Boeing and quickly found a way to upgrade his wife to business
