Popular social media platform Facebook has revealed that it has spent a whopping $23 million for offering security for its chief government officer Mark Zuckerberg in its final fiscal yr..
As per the Securities and Exchange Commission submitting, the corporate mentioned that the whole security value is $23 million which breaks right down to round $13.4 million for the private security of Zuckerberg at his residences and an extra $10 million pre-tax allowance to cowl extra security prices.
Primarily, the explanations behind the rise in prices come right down to common private journey, prices regarding security protocols throughout the pandemic, elevated security protection throughout the 2020 US elections, and different durations with elevated security danger amongst others.
“We believe that Mr Zuckerberg’s role puts him in a unique position: he is synonymous with Facebook and, as a result, negative sentiment regarding our company is directly associated with, and often transferred to, Mr Zuckerberg. Mr Zuckerberg is one of the most recognized executives in the world, in large part as a result of the size of our user base and our continued exposure to global media, legislative, and regulatory attention,” the corporate mentioned.
“The compensation, nominating & governance committee believes that these costs are appropriate and necessary in light of the threat landscape and the fact that Mr Zuckerberg has requested to receive only $1 in annual salary and does not receive any bonus payments, equity awards, or other incentive compensation,” the corporate added.
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