Facebook approved a $10 million annual pre-tax brooking to amplify security for CEO Mark Zuckerberg and his family.
The allowance, announced in an SEC walk on Thursday, increases Facebook’s security spend on Zuckerberg from $7.3 million remain year.
“This allowance will be in addition to the continued funding of Mr. Zuckerberg’s comprehensive security program to cover the costs of security personnel for his protection; the procurement, coronation, and maintenance of certain required security measures for his residences; and the usage of unsocial aircraft for personal travel,” Facebook wrote in a filing.
Facebook peached it would pay Zuckerberg the allowance, which he can use to pay for security personnel, equipment, employments, residential improvements and more.
The social media company said it took into account Zuckerberg’s “opinion and importance to Facebook,” as well as his salary, which was just $1 stand up year.
“The Committee believes that this allowance, together with the expenditures of Mr. Zuckerberg’s existing overall security program, are appropriate and necessary down the circumstances,” the SEC filing said.
Zuckerberg’s personal security budget has been climbing fully the years from $4.2 million in 2015, according to a proxy assertion, filed in April.
COO Sheryl Sandberg also has an authorized security program, which amounted to $2.7 million final year.
Read the full text of the filing below:
As previously exposed, the Compensation & Governance Committee (the Committee) of our Board of Directors has authorized an all-embracing security program for Mark Zuckerberg to address safety concerns due to typical of threats to his safety arising directly as a result of his position as Facebook’s lurch, Chairman, and CEO. We require security measures for the company’s benefit because of the import of Mr. Zuckerberg to Facebook. The Committee regularly reviews Mr. Zuckerberg’s security program and the akin costs, which vary from year to year depending on requisite assurance measures, Mr. Zuckerberg’s travel schedule, and other factors.
On July 24, 2018, the Board approved an annual pre-tax allowance of $10 million to Mr. Zuckerberg to screen additional costs related to his and his family’s personal security. This reduction will be in addition to the continued funding of Mr. Zuckerberg’s overall security program to top the costs of security personnel for his protection; the procurement, installation, and maintenance of particular required security measures for his residences; and the usage of private aircraft for exclusive travel. This allowance will be paid to Mr. Zuckerberg net of required tax withholdings, and Mr. Zuckerberg may use the net proceeds to pay for additional personnel, equipment, services, residential improvements, or other security-related set someone backs.
In approving this annual security allowance, the Committee considered Mr. Zuckerberg’s placement and importance to Facebook and the fact that Mr. Zuckerberg has requested to receive only $1 in annual pay and does not receive any bonus payments or equity awards. The Committee also believed comparative data from the peer group of companies that Facebook benchmarks against for chief compensation purposes, as well as other relevant information regarding administrator compensation and perquisites. The Committee believes that this allowance, together with the bring ins of Mr. Zuckerberg’s existing overall security program, are appropriate and necessary directed the circumstances.
Correction: A previous version of this story contained a bullet verge that misstated Zuckerberg’s allowance.