Latest News

  • Home
  • Global
  • It's not just the money: Zuckerberg's life shows why there's nothing like being a boss
It's not just the money: Zuckerberg's life shows why there's nothing like being a boss
Tuesday, April 17, 2018 IST
It

The benefits of running a large public company go well beyond paychecks and stock awards.
 
Take Mark Zuckerberg, who crisscrossed the US last year to attend a rodeo in Fort Worth, Texas, speak with Muslim students in Dearborn, Michigan, and fish salmon in Alaska, all part of a personal challenge to meet and talk with regular people. The cost of his personal trips on private planes added up to $1.52 million -- his highest annual tally as a public company chief executive officer -- while the expense of his personal security program rose 50 percent to $7.32 million. Facebook footed both bills.
 

 
 

Other CEOs also received some tasty extras last year. Harley-Davidson Inc.’s Matthew Levatich got $544 worth of motor clothes. Canada Goose Holdings Inc. gave Dani Reiss complimentary parkas worth about C$35,500 ($28,200) and Cincinnati Financial Corp.’s Steven Johnston received an unspecified “safe driver award.”
 
Perks such as personal travel on company-paid aircraft, tax planning and country club memberships are common for corporate leaders. The median expenditure by companies in the S&P 500 for CEOs in the most recently reported year was about $187,000, a figure that has remained steady in recent years, according to data compiled by Bloomberg. Meanwhile, total executive compensation has risen to about $15 million, up 27 percent since 2010.
 
While perks tend to be a small part of overall pay, they can draw fire from investors and governance watchdogs who question why companies should be on the hook for those expenses. Boards usually contend that the benefits attract executives and help them focus on their jobs.
 
For those reasons, many companies require CEOs to fly exclusively on private jets even when they take personal trips, and cover annual physical exams. Others pay for home security systems or bodyguards. Las Vegas Sands Corp. spent $3.97 million last year on personal security for CEO Sheldon Adelson and his family, surpassed only by Facebook’s costs for protecting Zuckerberg.
Many firms in the oil and gas industry pay for their CEOs’ country club memberships, often with the expectation they will result in business relationships and deals. Anadarko Petroleum Corp. paid $32,035 in dues last year for CEO R.A. Walker, while Noble Energy Inc. shelled out $9,512 for David Stover.
 
Benefits offered to executives that aren’t broadly available to all employees must be reported as taxable income in regulatory filings. Many firms have dialed back on the special treats in recent years to avoid criticism from investors and proxy advisers.
 

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
'Worse than prison': A rare look inside China's detention camps to 'brainwash' Muslims

ALMATY: Hour upon hour, day upon day, Omir Bekali and other detainees in far western China's new indoctrination camps had to disavow the...

Recently posted . 207K views . 1 min read
 

 Article
What The Shape Of Your Belly Button Says About Your Health

If you have payed attention to the belly buttons of people on the beach or the members of your family, you have probably noticed that they have different shapes and...

Recently posted . 10K views . 2 min read
 

 Article
New ‘Langya’ virus hits China as 35 people found infected: How deadly is it?

The Langya henipavirus has a place with a similar group of infections, including Nipah, which is known to kill up to 3/4 of people in extreme cases.

Recently posted . 5K views . 1 min read
 

 Article
Queen Elizabeth Dies At 96: The New Royal Line Of Succession

Queen's death: The eldest of her four children, Charles, Prince of Wales, who at 73 was the oldest heir apparent in British history, became king immediately...

Recently posted . 5K views . 1 min read
 

 
 

More in Global

 Article
'Things changed for Wipro in 1977 when IBM left India''

When Azim Premji, 61, took over his family's company in 1966, it wasn't the outsourcing powerhouse it is today. Then, it was known as Western Indian Vegetab...

Recently posted. 722 views . 1 min read
 

 Article
North Korea’s Kim Jong Un oversees special forces op as tensions soar

North Korean leader Kim Jong-Un has overseen a special forces commando operation, state media said Thursday, as tensions soar with Washington over Pyongyang’s...

Recently posted. 1K views . 15 min read
 

 Article
Spanx CEO Sara Blakely: People who ‘achieve their dreams’ have this trait– ‘it’s not about having brains, money or experience’

“The difference between people who achieve their dreams and those who don’t is simple,” according to Spanx founder and CEO Sara Blakely. “...

Recently posted. 614 views . 1 min read
 

 Reviews
The Best 5 Hiking Backpacks in India – Reviews & Buying Guide



Recently posted . 3K views . 140 min read
 

 Article
Geminid Meteor Shower 2018: What It Is and How to Watch From India

The year's most spectacular meteor shower is back. The Geminid meteor shower is set to dazzle the nighttime sky on December 13 and will continue until the early...

Recently posted. 808 views . 2 min read
 

 Article
In A Freak Accident, Needlefish Jumps Out Of Water & Stabs Indonesian Boy In His Neck

In a terrifying incident, an Indonesian boy needed a lifesaving surgery after being impaled in the neck by a flying needlefish. 

Recently posted. 1K views . 0 min read
 

 
 
 

   Prashnavali

  Thought of the Day

"The reason why we struggle with insecurity is because we compare our behind the scenes with everyone else's highlight reel."
Anonymous

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top