My company always seems to book fully refundable business class tikets for me. When I can't get an upgrade for my fiance when she comes along, I trade in the business class ticket and use it towards two coach tickets. Most of the time, the difference becomes a credit back to me. A few times, I had to pay a little more.
And no, my company does not mind. Our travel policy is for any flight over 4 hours (which is most transcons and transpacs), we are allowed to fly in Business Class.
CS