In a new filing with the Securities and Exchange Commission (SEC), Facebook has revealed that the company spent more than $23 million USD for CEO Mark Zuckerberg's security detail in 2020.
In a proxy statement, the company "identified specific threats to Mr. Zuckerberg" in its annual company security reviews. The proxy further mentions that "he is synonymous with Facebook, and as a result, negative sentiment regarding our company is directly associated with, and often transferred to, Mr. Zuckerberg."
The report showed that due to COVID-19 travel protocols, the cost of Zuckerberg's security programs and personnel for himself and his family rose to an all-time high in 2020. His security coverage spiked during the 2020 U.S. elections season, reportedly just one of many "other periods with an increased security risk."
Under the "all other compensation" section in the statement, Facebook disclosed that the $23 million USD spending went towards the CEO's personal security at his residence and for him and his family's travel. Zuckerberg allotted an additional $10 million USD towards other security costs, pushing the company's cost of base security up to $13.4 million USD from 2019's $10.4 million USD.
The proxy goes on to justify the costs stating, "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 company plans to unveil a new proposal that will allow non-employee directors to receive personal security details from time to time at the May 26, 2021 shareholder meeting. In January and February 2021, the company cited the "high level of scrutiny faced by our company and our executive officers and directors, as well as the dynamic and charged atmosphere following the 2020 U.S. elections and the attack on the U.S. Capitol Building on January 6, 2021" for the need for higher security for top execs at Facebook.
In other tech news, Samsung's "iTest" turns an iPhone into an Android-powered Galaxy device.
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