Tim Cook’s security expenses cost Apple almost $700,000 (£450,000) a year, according to new figures filed with America’s securities and exchange commission.
The docs, discovered by news site Patently Apple buried in a SEC filing from March, count the security detail among the Apple executive’s benefits in kind. Under the heading “all other compensation”, the filing breaks down the figure of $774,176 for 2014.
(i) the Company’s contributions to Mr Cook’s account under its 401(k) plan in the amount of $15,600; (ii) Company-paid term life insurance premiums in the amount of $2,520; (iii) vacation cash-out in the amount of $56,923; and (iv) security expenses in the amount of $699,133.”
Elsewhere in the filing, Apple elaborates on Cook’s security expenses: “The Company generally does not provide perquisites to its officers that are not available to employees generally. Although the Company does not consider it to be a perquisite for his benefit, the Company provides home and personal security for Mr Cook because his personal safety and security are of the utmost importance to the Company and its shareholders.”
It adds: “The Company considers the security measures to be a reasonable and necessary expense for the benefit of the Company.”
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