Is this a really small company, like less than 10 people? Does your boss use the points earned for company travel? Satisfying both of those prerequisites would be the only cases where I would be OK with this.

In a corporate environment the justification that you are getting free breakfast and other elite benefits if he gets the points doesn't really jibe with me. If you're traveling you should be accruing benefits and the company pays your breakfast anyways, so it shouldn't even be a consideration. Might be time to look at other job options.